Tesla Is Now the Most Valuable American Car Company in History
Tesla has hit yet another record-high today despite a slight market sell-off amid broader concerns over the growing dispute between Iran and the United States.
Put a different way, Tesla is up an eye-popping 93% in just the last 3 months. All that upward trajectory has put Tesla in a league all of its own and in fact, it is now worth more than any other American vehicle manufacturer at any point ever, including Ford Motor Company's all-time high market value way back in 1999.
Investors are paying more than $470 per share for a piece of Tesla. The automaker debuted way back in 2010 with an IPO price of $17. Had you spent $1,000 to buy 58 shares of $TSLA, that position would be worth a bit over $27,000 today!
Investors didn't just randomly decide to buy shares of Musk's car company. Tesla has given buyers plenty of positive catalysts over the last few months to fuel that amazing growth such as the Gigafactory 3 getting completed on time, and the polarizing, yet heavily pre-ordered Cybertruck. Another large piece of the narrative is that Tesla is shipping huge volumes of vehicles as its long-promised it would do.
Tesla getting bolstered thanks to news coming out of China
However, today's rise in price (despite most of the market dipping into the red) was most likely due to an event the company held in Shanghai today. Musk led the presentation with some rather meme-worthy moments including a full-on "dad-dance" bit on stage.
At Tesla Giga Shanghai NSFW!! pic.twitter.com/1yrPyzJQGZ
— Elon Musk (@elonmusk) January 7, 2020
Less than a year after breaking ground on an all-new Tesla Gigafactory in Shanghai, Musk was on hand to deliver the keys of the first Model 3 to an employee. The substance of the show was not Musk's questionable dancing or him hand delivering car keys, but rather Tesla's rapid expansion into China and its plans for the future.
The company announced it would build the Model Y in Shanghai and even an all-new "built for China" model that will be announced sometime in the future.
It seems Chinese investors concur that Musk has a good chance of succeeding in their homeland. In an SEC 13F filing dated today, Chinese Fund Neumann Advisory Hong Kong Ltd recently snapped up 43,000 shares or about $20 million worth of $TSLA.
Stay in the loop
GET A DAILY DIGEST OF LATEST TECHNOLOGY NEWS
Straight to your inbox
Subscribe to our newsletter