As the (relatively) new kid on the automotive block, Tesla TSLA has had numerous obstacles to overcome on its way to electric vehicle market share dominance.
The company has been the torchbearer for the EV revolution, almost singlehandedly propping up consumer demand for products that most people insist are vital to cutting carbon emissions around the globe.
Related: Tesla rival enters friendly competition following viral video of Cybertruck off-roading
But newcomer status has also afforded Tesla many breaks that have aided in the stock's seemingly indefatigable ascension.
If a legacy automaker like Ford F or General Motors GM, for example, set quarterly delivery targets that they routinely missed, those companies' stocks would be in the toilet.
But not Tesla. Elon Musk's company missed its third-quarter production target, and it is in serious danger of missing its 2023 production target of 1.8 million vehicles.
Despite that negative news, and the fact that Elon Musk and the company have decided to sacrifice its sales margins in order to boost demand, Tesla's stock is still one of the best market performers this year.
"I think in the near term, Tesla's stock has been extremely difficult to call," Bernstein's Toni Sacconaghi (who is one of the more prominent Tesla bears and has a $150 price target) told CNBC Tuesday.
"I think a lot of it is because I think their is continued belief in the longer-term vision of Elon Musk and Tesla... while that hope is still alive it's difficult for the stock to go down. But the big question for me is next year is do they have to cut their growth targets?"
Tesla may have to cut its growth targets to 10% — Tesla grew its production by 50% in 2022 and is expected to end 2023 with 31% growth if it reaches that 1.8 million vehicle threshold — according to Sacconaghi. Tesla could have modest unit growth in 2024 and 2025 because they won't have any new models and they are already struggling to grow now without price cuts.
Tesla is also seeing headwinds from China.
"I think the Chinese EV market is incredibly competitive. One out of every three cars sold in China are EVs," according to Sacconaghi who also says that while Tesla enjoys 70% market share in the U.S. EV market, it only has a 10% market share in China.
Despite all of this, Tesla shares were up 5.7% at last check Tuesday afternoon, and the stock is up more than 90% year to date.
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