January 14, 2020 | Investopaper
Tesla stock has climbed to the all-time record high this Monday. The gaining streak continued this Monday too as the stock soared by nearly 10 percent to close at an all-time high of $524.86 per share.
The stock has already gained more than 20 percent in 2020 and doubled in the past three months period. The reason behind the stock surge is Tesla’s entrance into China and the fourth quarter delivery figures that surpassed Wall Street’s expectations. Tesla delivered 112,000 vehicles in the fourth quarter. The market capitalization of the company stands at around $95 billion which is more than the combined market value of General Motors and Ford.
At the end of 2019, the company has started to deliver its Model 3 Sedan in China. Likewise, the boost in production to 1,000 vehicles per week in the new Shanghai factory has also been reported. CEO Elon Musk, also said in the earlier month that the company plans to open a new design and engineering center in China.
Last year, around 1.3 million electric vehicles were sold in China, which is the world’s biggest market for electric vehicles.