TSLA stock rallied 4% on the first day of 2021 as Tesla managed to hit a milestone of 500,000 Tesla cars produced in 2020. At above $700 billion market cap, Tesla is now the sixth-most valuable company in the world.
On Monday, January 4, the first trading day of 2021, the Tesla Inc (NASDAQ: TSLA) stock price jumped 4% moving past $700 levels. TSLA stock ended the trading hours at $729.77 while the company’s market cap also surged past $700 billion boosted by the performance of Tesla in Q4.
Monday’s rally came as Tesla hit major milestones for the last year. The automobile giant exceeded its production target of 500,000 vehicles in 2020. Besides, the company fell just short of attaining 500,000 deliveries by a mere 450 i.e. less than 0.1% offset. In the press release, Tesla noted is still to announce its financial performance for 2020. The electric-carmaker wrote:
“Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final numbers could vary by up to 0.5% or more”.
Company CEO and business tycoon Elon Musk congratulated the entire team for attaining this milestone. He briefly spoke about how the company had only 10% chances of survival to where it has reached today.
So proud of the Tesla team for achieving this major milestone! At the start of Tesla, I thought we had (optimistically) a 10% chance of surviving at all. https://t.co/xCqTL5TGlE
— Elon Musk (@elonmusk) January 2, 2021
Certainly, the journey for Tesla has been nothing short of path-breaking. The company has beaten all foods over the last few years to now become the most valuable automobile company by market cap. Recently, Elon Musk also spoke about how he had approached Apple CEO Tim Cook for selling Tesla and helping it sail through its tough days. However, Mr. Cook has refused the offer.
As we know, 2020 turned out to be a phenomenal year for Tesla and its investors. TSLA stock surged nearly 700% in a year on the backdrop of the company’s solid performance. TSLA stock price was an outperformer on Wall Street surging nearly 700% in a single year.
Q4 2020 – a Game Changer for Tesla
Q4 2020 has turned out to be a very high-performance quarter for Tesla. By the end of September, Tesla has announced only 318,000 deliveries in the first nine months. In a single quarter, the company delivered over 180,000 cars to hit its milestone of half-a-million deliveries.
This is exemplary in a way. The company’s performance in Q4 2020 has also helped Tesla to climb the ranks of top-ten global companies by market cap. At above $700 market cap, Tesla becomes the sixth most-valued company in the world.
Interestingly, Tesla is kickstarting the year 2021 by announcing a redesigned Tesla Model S sedan.
The illustrations were provided by Depositphotos.com
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
