Tesla Motors Inc.'s market value exceeded $20 billion for a while on Monday, August 26, 2013, as its shares surged to a record $173 before closing at $164.23 in afternoon trading. Tesla, which shares have soared around fivefold this year, carmaker is targeting to deliver 21,000 Model S electric sedans in 2013 and double that in 2014.
According to chief executive Elon Musk, the demand for the Model S is more than what they could supply.
Alan Baum, an independent auto analyst at Baum & Associates, called Tesla as the “Apple of automotive,” after it managed to “cross the automotive and technology fields to become this hot commodity." He added that whether justified or not, expectations for Tesla are “now very high."
In terms of production volume and sales, Tesla is among the smallest of international carmakers. But its market value is not something that other large carmakers have to joke about. For instance, General Motors Co. has a $49 billion market capitalization while Ford has a market value of $65 billion.
Motor Trend magazine named the Model S as 2013 Car of the Year while Consumer Reports rated the EV as among the best it's ever tested. Tesla disclosed this month that the model got top crash and safety ratings in tests by the US National Highway Traffic Safety Administration. [source: WSJ]