1. Tesla, Inc. (NASDAQ:TSLA)
Latest TTM Net Income: $10.79 billion
Number of Hedge Fund Holders: 81
Headquartered in Austin, Texas, Tesla, Inc. (NASDAQ:TSLA) is a multinational American company specializing in electric vehicles and clean energy solutions. Renowned for its innovative designs and manufacturing of electric cars, Tesla is a leading provider of stationary battery energy storage solutions for both household and grid-scale applications. The company also manufactures solar panels, solar shingles, and related products and services.
In the third quarter of 2023, Tesla, Inc. (NASDAQ:TSLA) achieved the production of 430,488 vehicles and delivered over 435,000 vehicles. Operating six manufacturing facilities globally, including its original plant in California and gigafactories in Nevada, New York, Shanghai, Texas, and Berlin.
According to Insider Monkey’s third-quarter database, 81 hedge funds expressed a positive outlook on Tesla (NASDAQ:TSLA), marking an increase from the 79 funds in the previous quarter. Notably, Catherine D. Wood’s ARK Investment Management emerges as a significant shareholder for the quarter, holding a stake valued at $1.02 billion.
Here is what Baron Fund has to say about Tesla, Inc. (NASDAQ:TSLA) in its Q2 2023 investor letter:
“Many factors contributed to the strong performance of our largest Disruptive Growth position, Tesla, Inc. (NASDAQ:TSLA), in the period. Investors’ concerns regarding Tesla in 2022 continue to dissipate, and the company’s business has continued to grow materially, although at below peak margins. Tesla’s deliveries in China are recovering. The company’s newest factory in Texas has ramped production and should contribute to improved domestic sales and margins. U.S. government policies have lowered the cost to own Tesla vehicles, while also reducing the company’s battery production expenses.
We continue to believe that Tesla is only scratching the surface of its potential. We regard announced partnerships between Tesla and its competitors in the quarter as important. In early June, Tesla agreed to provide Ford Motors access to Tesla’s electric vehicle (EV) charging technology and network. Other traditional and pure EV manufacturers, including General Motors, Rivian, and Volvo, quickly followed suit. We expect additional charging partnerships to ensue. In our view, these relationships validate Tesla’s charging technology and infrastructure as superior to other standards. Consolidation around a single technology should accelerate charging infrastructure deployment, diminish the risk of Tesla’s technology becoming obsolete, and lessen a key concern of hesitant EV purchasers. EV adoption is at a tipping point. And Tesla, with its approximately 60% domestic market share of EVs, should be the most important beneficiary of this shift…” (Click here to read the full text)
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