Tesla Stock Rings in the New Year Right with Record Breaking Surge

Tesla (TSLA) stock is ringing in the New Year right with a 5% increase on its first day, making it to an all time high market capitalization of $700 billion. 

2020 held Tesla in high regards as it became one of the most valuable companies in the world let alone the most valuable automaker. The company managed to raise billions of dollars through several variable including a stock spilt as well as being integrated into the S&P500.

So far, it looks like 2021 has the same in store for the EV giant as Tesla’s stock has already exceeded the all time hight market capitalization of over $660 billion it saw on the final day of 2020. Tesla’s stock has been up by as much as 5% today. Currently, Tesla stock is trading at a record high of $740 per share and a market capitalization of $702 billion. With Tesla’s growth, a 5% swing means a $45 billion change in valuation.

Tesla announced on Saturday that it had achieved “production and delivery of half a million vehicles” in 2020. However, looking at the automaker’s Q4 and full year delivery and production numbers, it appears they were just shy of 500,000 deliveries. Tesla did manage to increase deliveries by 30% quarter-to-quarter and saw a 61% delivery increase year-over-year. In impressive feat considering the lack of stability in the industry that was seen throughout 2020.

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