Tesla’s red-hot run reached new heights, as shares surged past $US900 in a rally that stunned Wall Street.
Shares are 19 per cent higher in early afternoon trade on Tuesday (local time), the surge coming after the automaker closed Monday up 20 per cent at a record-high $US780. Propelled by better-than-expected quarterly profits and car deliveries, Tesla now has a market cap of around $US168 billion ($250 billion) – nearly three times that of legacy automaker General Motors.
The electric-car maker often makes headlines for its eclectic co-founder and chief executive Elon Musk. But the company’s share price stands on it own. In the past six months, it’s soared 240 per cent. This year alone, it’s up 105 per cent, outperforming every stock in the Standard & Poor’s 500, plus bitcoin and gold.
“Tesla shares continue to move higher in an eye popping fashion,” wrote Wedbush Securities analyst Daniel Ives. “For Musk, despite all the noise over the last year and balancing a myriad of projects at Tesla (while running SpaceX and launch targets) last week’s earnings [and] guidance completed a ‘comeback story for the history books.'”