Tesla’s Stock Price Sets New Record, Tops $247

Tesla saw its stock price jump nearly 14 percent this morning to a record high.

Tabulating that increase, the company’s share price topped $247. This is an all-time high for the company and is likely the result of last week’s announcement that forecasts a 55 percent increase in Model S sedan deliveries in 2014.

But that’s not all. Over the last year, sales of this luxury four-door have grown nearly sevenfold, which is another promising indicator for investors. Tesla (TSLA) is traded on the NASDAQ exchange.

Further bolstering the company’s stock performance CEO Elon Musk proposed something called a “gigafactory” to produce more affordable lithium-ion batteries, a critical component of advanced electric vehicles. Cheaper cells could help the company deliver more EVs and boost its global market share in the process.

With plans like these Tesla could become a leader in advanced, low-cost automotive batteries, something that would likely add even more to the bottom line and potentially goose the stock higher. Could they become another Apple (APPL), with a 24-K gold reputation and a correspondingly awe-inspiring stock price?

GALLERY: 2013 Tesla Model S


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Source: Automotive News