I’m pretty sure there will be an increase of close to 22% last Thursday (October 24th). Tesla’s (NASDAQ:TSLA) pushed at least a few British owners JESUS millionaire status, at least on paper.

Unfortunately, I wasn’t one of them. But it made me wonder whether buying a slice of the electric car maker now might increase my chances of breaking into that select group at some point.

We’re back with a bang!

Tesla, which experienced a serious decrease in profits in the second quarter, returned to its previous form in the third quarter. Earnings per share came in at 72 cents, beating expectations. Vehicle deliveries also rose 4% to almost 463,000, eclipsing the previous three-month period.

It wasn’t exactly a slam dunk from the Texas giant. Revenue came in at $25.18 billion, slightly lower than analysts expected.

But let’s not split hairs. As updates progress, I doubt many investors will be knocking on publicity-shy Elon Musk’s door and demanding he pull up his socks.

Indeed, the market ignored the news and the share price did its part.

Will there be more to come?

No matter how extreme this daily action may be, it’s important to put it into perspective.

As I write, Tesla shares are still only up around 5% in 2024. It is also well below the record high seen almost three years ago (just over $400). Whether it can quickly add 60% or more from here to challenge the final figure is open to debate. But I think it’s possible if the company can surpass the total of 1.8 million cars delivered in 2023 and successfully launch new vehicles (e.g. Model Y Juniper) in 2025.

Trouble ahead

What really matters to me is potential. volatility along the way. It’s easy to forget that this is the same stock that crashed in early October following the poorly received launch of the company’s robotaxi.

There are plenty of other things to consider, including the US election.

We are a politically neutral group at Fool UK. But that doesn’t mean I can’t speculate about whether Musk’s endorsement of Donald Trump might affect Democratic voters’ motivation to want to buy Trump’s cars in the future. On the other hand, it’s easy to see why the latter’s plan to increase tariffs on Chinese EVs entering the US would suit Tesla.

Elsewhere, the S&P 500 is currently up more than 20% since January and almost 40% in 12 months. This seems somewhat logical, given that inflation has finally calmed down and interest rate cuts have begun. But even the most optimistic investor must be wondering whether he should pause for breath.

Here’s what I did

I won’t deny that Tesla shares can continue to create ISA millionaires, as it has outperformed its industry rivals six times so far.

But I also think I have a good chance of reaching that seven-figure goal by consistently investing in and holding a variety of quality stocks and funds. in the long run.

As strategies go, this one isn’t all that sexy or pulse-pounding. I think it should not be invested.

For now, I’m keeping my Tesla exposure in a few funds that fit my risk profile and allow me to sleep at night.

Still, I’d rather watch the share price shenanigans with a bag of popcorn in hand.