Tesla's Stock Surges Past $500 a Share, Sets Another All-Time High
The euphoria over Tesla's progress in the electric vehicle market was on display Monday (January 13) as shares hit yet another all-time high.
Shares of Tesla finished the trading session up nearly 10% to $524.86. That's a new all-time high for a company that at the start of 2019 was getting written off as a disaster.
Tesla has been firing on all cylinders
But after a series of manufacturing snafus which resulted in it burning through cash Tesla has been firing on all cylinders. It had a surprise profit in the third quarter, started vehicle production ahead of schedule in China and was able to ship a record number of vehicles during the year.
As of the close of trading Monday Tesla's market cap sits at $94.6 billion, making it the most valuable U.S. carmaker. Shares of Tesla ended 2019 up 29% and the rally has continued throughout January.
The shares are still being lifted by its production in China and deliveries during the fourth quarter. Earlier in January Tesla reported it delivered 112,000 vehicles across the globe during the fourth quarter, higher than the 106,00 vehicles Wall Street had expected it to deliver.
Tesla delivers 50% more vehicles in 2019
For the year Tesla said it delivered 367,500 vehicles, up 50% from 2018 when it delivered 245,240 vehicles. Tesla said the reported deliveries should be viewed as "slightly conservative" and could vary by up 0.5% or more.
"We continue to focus on expanding production in both the US as well as our newly launched facility in Shanghai., wrote Tesla in a press release announcing the deliveries for the fourth quarter. "Despite breaking ground at Gigafactory Shanghai less than 12 months ago, we have already produced just under 1,000 customer salable cars and have begun deliveries. We have also demonstrated production run-rate capability of greater than 3,000 units per week, excluding local battery pack production which began in late December."