It’s a company that’s as reviled as it’s loved, with a CEO who is similarly polarizing. But regardless of your opinion on Tesla Inc. and Elon Musk, what’s clear is that the electric-vehicle maker has had a very good 2020. Its shares have surged about 700% and made their way into the storied S&P 500 stock index.
Warnings that the stock is expensive (it’s trading at about 170 times next year’s estimated earnings, compared with a multiple of less than 10 for rivals such as Ford and GM) have done little to curb the exuberance of believers who contend even more gains are in the offing.