Tesla (TSLA) shares are up about 110% in 2023, but there are a few things that could keep powering the stock forward into next year.

Yahoo Finance’s Madison Mills breaks down potential catalysts for Tesla that investors should keep an eye on in 2024, including the Cybertruck, a possible $25,000 car, and its Dojo supercomputer.

For more Yahoo Finance coverage of Tesla:

Morgan Stanley, Starbucks, Tesla: 2024 leadership in focus

Tesla: Is Elon Musk too distracted by his other companies?

Tesla is 'the AI company': Analyst

Tesla: Car buyers missing out 'because they don't like Elon'

Musk's social commentary hurting Tesla, other brands: Bill George

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Video Transcript

BRIAN SOZZI: Tesla stock still has a lot going for it heading into 2024. Our very own Madison Mills is here with the three big catalysts for the EV giant. Madison?

MADISON MILLS: Guys, I still can't get over that soundbite we played earlier. They can't even get their own numbers right on this stage. Not to pick on them, again, but come on, you're saying that you're going to have 20 million in annual vehicle deliveries. This current year's upcoming target for 2024 is just two million. So a lot of aspirational goals to put it lightly for Tesla moving forward here.

Now, having said that, to give them some positive news, guys, I didn't know this. Three of the five biggest vehicle sales in 2022 were actually trucks. So the Cybertruck move for Tesla heading into 2024 could be the thing that saves them, when it comes to some of that margin compression that they've continued to mention on their earnings calls.

But the big question is the next-gen batteries for those Cybertrucks moving forward. Also, the ramp up in production of those Cybertrucks. They're expanding their factories in Mexico to allow for some of that production ramp up to continue as concerns about that production volume remain on the street.

Now, we also have anticipation of that $25,000 vehicle for Tesla coming in here in the next six months to a year. That could be a boon for this name, if they're able to expand their market share by allowing for a little bit more of an affordable name. But an affordable product is not always good news for margins. So I'm curious about how they're squaring that with their margin compression concerns that we've heard Elon continue to talk about.

More long-term, though, guys. We've got the Dojo supercomputer. And, of course, Optimus, the robot. I can't not mention that. But the question is, these are long-term goals. It feels to me as fantastical as a self-driving car at this point, when am I going to see it? When am I going to be able to get in a self-driving car that takes me to and from the East Village on a Saturday?