Tesla’s share price breaks through $ 70 billion, new market cap rises over 50% in 3 months

The United States, the share price of electric car maker Tesla rose 3.74% to close at US $ 393.15 per share, setting a new record closing price. On June 19, 2017, Tesla’s stock price reached a record high of $ 386.99.

The latest stock price increase brings Tesla’s market value to $ 70.7 billion, making it the third-highest carmaker in the world by market value, behind only Toyota Japan and Volkswagen. Both Wall Street bulls and long-term bears have to admit that Tesla has a substantial lead in the electric vehicle sector.

Tesla’s stock price has risen 54% since the unexpected third-quarter earnings report on October 23. This is the company’s best quarter since the third quarter of 2013.

Of course, Tesla CEO Elon Musk has a higher goal in mind. Tesla’s stock price still needs to continue to rise in order to reach Musk’s target price of $ 420. Last year, he claimed that he planned to privatize Tesla for $ 420 per share.

Tesla is enjoying a surge recently. In a recent interview, Oppenheimer bullish Tesla analyst Colin Rusch said the company has had its toughest days.

However, Vanity Fair analyst Bethany McLean believes that Tesla’s future may face a certain degree of danger due to Musk’s financing and potential corporate profitability issues. But Rush quickly pointed out that at this stage, these negative statements about Tesla became no longer accurate.

“Consumers are turning to quality and sustainable solutions and they are willing to pay for it. Tesla has $ 5 billion in cash on its balance sheet and its growth is accompanied by a lot of operating leverage. I think Tesla has had the hardest time now. 

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