1 Magnificent EV Stock Down More Than 50% to Buy and Hold Forever

Let's cut to the chase: The best electric-vehicle (EV) stock out there today is Tesla (NASDAQ: TSLA). This may come as a bit of a surprise, given the recent turmoil at the company. With deeper exploration, however, it will become abundantly clear why Tesla remains the ideal EV option for investors with a long-enough time horizon and an appetite for growth.

Tesla has found itself in a challenging stretch recently, and its stock has borne the brunt. Today, its shares are changing hands for roughly $170. Over the last few weeks, it has regained some of its losses, but at one point, it had fallen nearly 75% from its all-time high.

Reasons for this lack of performance are varied but boil down to three main things. First, demand for EVs has cooled in 2024 and is expected to experience only moderate growth as higher interest rates dissuade potential buyers. In light of this, Q1 2024 was the first time Tesla posted a decline in deliveries over a yearly basis.

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Source Fool.com