Tesla’s stock (TSLA) soared to new heights on Wednesday, achieving both a record intraday high of $424.88 and a record closing price of $424.77. This milestone marks an epic conclusion to the year, during which the stock has seen exponential growth and tripled in value, up from a 52-week low of $138.80.
The company’s market capitalization surpassed $1.31 trillion, cementing its position as a titan in the automotive and technology sectors. That makes Tesla more valuable than the next 27 automakers combined, according to data from companiesmarketcap.com.
BREAKING: Tesla ($TSLA) has just broken through the $420 barrier! pic.twitter.com/zIlUnrXEml
— Drive Tesla (@DriveTeslaca) December 11, 2024
Notably, Tesla’s share price also reached a meme-worthy $420.69 today—a combination of figures often referenced by CEO Elon Musk.
Analysts attribute Tesla’s rally to a convergence of favourable conditions, including investor confidence in the company following the US presidential election, and advancements in artificial intelligence (AI) and robotics.
Additionally, Tesla’s strong sales performance in key markets like China has boosted investor sentiment. In November, Tesla achieved record-breaking monthly sales of 79,000 units in China, followed by an impressive 21,900 vehicles sold in just the first week of December.
As Tesla closes the year on a high note, the focus now shifts to sustaining its growth trajectory. With plans next year to launch more affordable EV models, expand its FSD program beyond North America, and scale its AI and robotics initiatives, the company is well-positioned to capitalize on continued investor confidence.
