Tesla (TSLA) stock start its first trading day of 2021 by surging 5% to a market capitalization of $700 billion for the first time.
Tesla (TSLA) Stock Performance
2020 was a crazy year for Tesla’s stock.
It went up 700% while raising billions of dollars on three occasions, going through a stock split, and being integrated into the S&P500.
Tesla not only became the most valuable automaker in the world, but it is also now one of the most valuable companies in the world period.
Now, Tesla’s stock is having a good start of 2021 by being up by as much as 5% today.
As of writing, the stock is trading at a new all-time high of $740 per share and a market capitalization of $702 billion.
Tesla’s stock has been known to be volatile and to have major intraday swings, but as it becomes bigger, a 5% swing in a day means a $45 billion change in valuation.
What is Pushing TSLA higher?
After a three-day break in trading, there have been several positive news for Tesla that could explain the push to new highs.
On Saturday morning, Tesla released its Q4 2020 and full year 2020 delivery and production numbers.
While the automaker technically missed its goal of 500,000 deliveries, it still managed a 30% delivery increase quarter-to-quarter and a 61% delivery increase year-over-year, which is phenomenal considering the difficult year for the auto industry.
Furthermore, Tesla also launched Model Y in China last Friday when trading was closed.
This morning, we reported that the new electric SUV is generating a lot of interest from buyers in China, which is a critical market for Tesla and electric vehicles in general.
Finally, rumors of an imminent update to the Model S have again ramped up this weekend with the sighting of a new prototype.
Model S sales have been declining and a design refresh could breathe some life into the vehicle program.
What is in stock for Tesla’s stock in 2021? Let us know your predictions in the comment section below.
FTC: We use income earning auto affiliate links. More.