Tesla pushed above a market valuation of $500 billion on Thursday after the EV maker's record quarterly profit fueled a rally that chipped further away at last year's stock plunge.
The stock jumped as much as to 11.7% to reach $161.42 a share, propelling the company's market capitalization to $510 billion. The last time Tesla's valuation closed above the half-a-trillion-dollar mark was in mid-December. Tesla shares through Wednesday's close had climbed by 17% in 2023, following their 64% rout in 2022. of about $3.7 billion and upbeat guidance late Wednesday set off the rally that helped repair some damage from its worst-annual stock loss ever.
Last year's slide knocked the company from its valuation peak of about $1.2 trillion. Analysts and investors pointed to slower demand and Musk's focus on his purchase of Twitter as factors that drove down the stock. It finished among theFollowing Tesla's recent vehicle price cuts aimed at invigorating demand, the company projected vehicle deliveries of 1.8 million in 2023. If realized, that would top 1.31 million in 2022 deliveries by 37%.
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