Tesla Motors Inc (NASDAQ:TSLA)’s Model S sedan might not seem like such a good car in the eyes of auto mechanics, at least in terms of job security. After all, a car that breaks down less often would mean less work for mechanics. However, Steven Russolillo and Kaitlyn Kiernan of The Wall Street Journal found one auto mechanic who has dumped almost $250,000 into Tesla shares. So far, that investment has paid off quite well.
Investor buys Tesla Model S with profits
Brian Steel’s financial adviser warned him against investing so much money in Tesla Motors Inc (NASDAQ:TSLA). However, the 62-year-old auto mechanic believes the automaker will change the world. Thanks to his investment in Tesla, he was able to afford to buy a Model S. Steel says he isn’t worried about the recent problems Tesla has faced.
In fact, he has gone online to defend the EV maker and its shares, using his experience as an auto mechanic for 37 years. He echoed the comments of Tesla CEO Elon Musk, noting that all types of vehicles have the potential to catch fire just as the three Model S sedans did. He also pointed to the high safety rating from Consumer Reports and said that he would choose a Model S believing it was safer no matter what the car’s chance of catching a fire ends up being.
Tesla fans like it for the long haul
Shares of Tesla have risen nearly 300% so far this year. The only other stock in the NASDAQ-100 Index which has increased more than Tesla is Netflix, Inc. (NASDAQ:NFLX).Steel and other bulls tend to like Tesla Motors Inc (NASDAQ:TSLA) as a long-term investment.
Fred Towers, a former stockbroker, told The Wall Street Journal that he previously bought almost no car brands except for Mercedes. However, Tesla has changed that, and he purchased a few shares of the company after buying his Model S. He says he would also consider adding to his position if the stock falls any further.