San Antonio’s Xpel Inc. and Austin’s Tesla Inc. both debuted on Fortune magazine’s 2023 list of the 100 fastest-growing companies — a ranking that was topped by three Texas-based firms. Tesla, the electric vehicle, battery and solar panel maker that moved to Texas from California in late 2021, was No. 2 behind Arlington-based construction supply company Builders FirstSource. At No. 3 was McKinney-based electrical equipment maker Encore Wire.
“Two years later, the grasp on growth that financials once had is no more: There are now only nine financial companies” on the list. Industrials came out on top this year, with 22 companies on the list. Both Xpel and Tesla are in the broad category. Tech giants Meta, Amazon, and Netflix did not return to the list after falling off a year earlier. Alphabet also departed the 2023 list, ending a three-year run.