Is Tesla a Tech Stock Like Apple?
One of the market's hottest stocks this year is Tesla Motors (NASDAQ: TSLA). The maker of next-gen electric cars is trading 73% higher in 2020. Larger U.S. automakers are driving in reverse. Ford (NYSE: F) and General Motors (NYSE: GM) have plummeted 47% and 39%, respectively, this year.
Tesla bulls will argue that the divergence makes sense because most of them don't see the market darling as an automotive stock. Tesla Motors is a tech stock, the argument goes, more like Apple (NASDAQ: AAPL) -- the iOS giant that reportedly once tried to acquire it -- than Ford or GM. Let's size up the arguments for Tesla as a tech stock.
Image source: Tesla.
Source Fool.com
