Tesla shares continue to soar in value hitting a record $492.14 per share by the close of trading, boosting the electric automaker’s market capitalization to almost $89 billion, which is more than General Motors and Ford combined ($49.4 и $36.6 billion).
The company’s current share price is remarkable, since shares had halved in value in just six months in June 2019. Fast forward seven months and they have climbed 160%, hitting a new high and making Tesla the highest-valued automaker in U.S. history.
There are a number of reasons to explain the sudden surge in Tesla’s share price. For starters, Elon Musk’s company published delivery figures for the final quarter of the year, squeezing past the low end of its goal of delivering between 360,000 and 400,000 vehicles in 2019, shipping a total of 367,500 vehicles.
In addition, Tesla’s Gigafactory in Shanghai is up and running less than one year after ground was broken at the huge site that has the capacity to build up to 500,000 vehicles annually, Carscoops reported.
