There are few advantages to being a new entrant in the highly competitive automotive industry -- but Rivian has one.
Love it or hate it, there's no doubt that Tesla (NASDAQ: TSLA) has had a memorable 2023 on Wall Street. Shares of the EV maker have nearly doubled this year, up 94% through Dec. 6 even as its business performance disappointed as price cuts in the EV industry led to slowing sales growth and lower profits. While the electric vehicle market has been challenging, Tesla shares have been buoyed this year by hopes for its artificial intelligence (AI) initiatives.
There's been some doom and gloom surrounding Detroit automaker General Motors (NYSE: GM). Warren Buffett also exited his remaining position in the company, potentially bringing doubts about the company to the surface. On the bright side, GM recently boosted the value returned to shareholders through an increased dividend and share buybacks, and one analyst thinks the automaker could triple from its current price point.