Shares of electric car maker Tesla continued to climb by more than 4% on Tuesday, increasing its overall market value to more than $ 520 billion for the first time.
Tesla's market value is now equal to more than the combined market value of most of the world's major automakers, including Toyota, Volkswagen, General Motors, Ford, Fiat Chrysler and PSA, according to CNN Business.
This rise in market value comes on the heels of a remarkable year for Tesla's shares, as the company's share price rose by 550% since the beginning of the year, and it was traded at $ 549 on Tuesday, while it was $ 86 in January.
The equity rise also boosted Tesla CEO Elon Musk's net worth to $ 127.9 billion on Tuesday, according to the Bloomberg Billionaires Index, which put him outpacing Microsoft founder Bill Gates and becoming the second richest man in the world.
Last October, Tesla announced its largest quarterly profit so far, recording a net income of $ 874 million, a 156% increase over the same period last year, and the fifth consecutive quarter of growth. Tesla said it hopes to achieve its goal of selling half a million cars this year.
Tesla's robust growth comes despite disruptions that have plagued her and the entire automotive industry due to the coronavirus and factory closures.
It is reported that the Tesla plant in Fremont, California, USA, has the capacity to build 500,000 Y and Model 3 cars annually, in addition to 90,000 more expensive S and X models.
And last week, Standard & Poor's announced that Tesla would be added to the S&P 500 next month, which investors saw as a positive sign of future growth, and after this news, Tesla's stock rose 10%.
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