Tesla annual shareholder meeting 2023: does it warrant buying stock?

Tesla Inc (NASDAQ: TSLA) is in focus late on Tuesday after CEO Elon Musk confirmed that the electric vehicles company will start delivering Cybertrucks “later this year”.

The billionaire also made other notable comments at the annual shareholder meeting today. For one, he said the Tesla Model Y will beat every other vehicle on Earth to become the “best-selling car” this year.

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Musk also signalled that the EV giant is now ready to test a bit of traditional advertising. So far, Tesla has relied entirely on word-of-mouth, influencer marketing, and other non-conventional means of advertising.

The Chief Executive expects the economic backdrop to remain challenging over the next twelve months. From there on, though, he forecasts a recovery and sees Tesla Inc as well-positioned to benefit from it.

Tesla stock is currently down more than 20% versus its year-to-date high which could be a great opportunity to build a position considering CFRA analyst Garrett Nelson continues to dub it a “strong buy”.

They’re on track with first production of Cybertruck, breaking ground on the new factory in Mexico. We think they’ll introduce a mass-market lower priced Coupe in 2024. So, there’s plenty of near-term catalysts.

Shares of Tesla are all the more attractive now that Elon Musk has hired a new CEO for Twitter. Nelson sees upside in this stock to $250 that suggests it could climb roughly 30% from here.

Other reasons to have “TSLA” in your portfolio include the company’s energy storage business, he concluded on CNBC’s “Squawk on the Street”.