Tesla Hits Another All-Time High, Surpasses $700 Billion for the First Time

After a year of record numbers, electric automaker Tesla (TSLA) is beginning 2021 on the exact same note, already rallying to new all-time highs.

On Monday, Tesla’s shares flew past previous highs during intraday trading, surpassing a $700 billion market value. The growth comes just after Tesla’s record year in 2020, in which it reached a long-time goal of delivering (nearly) half a million electric vehicles (EVs), a 2020 goal originally set forth by CEO Elon Musk in 2014.

Tesla Rallies to Record All-Time High Ahead of S&P 500 Inclusion https://t.co/qvLyTlyZhz

— TeslaNorth.com (@RealTeslaNorth) December 18, 2020

Wedbush analyst Daniel Ives is currently forecasting 710,000 deliveries for Tesla’s 2021, putting the company in a strong position entering 2022. Regarding Tesla’s delivery targets of half a million, Ives says the company wasn’t even on the media’s map in earlier parts of 2020, “going back to the late spring/summer timeframe.” Ives also cited the predicted 40% 2021 growth rate as the catalyst which would “put Tesla on a strong growth trajectory into 2022.”

“Clearly, competition is increasing across the board on the EV front with a slew of domestic players in China, Europe, and the US going after Tesla’s core EV stronghold, although we believe the market is growing at a brisk rate that will yield multiple winners going after the EV jackpot,” Ives told reporters.

At the time of writing, Tesla (TSLA) is trading at $723.99 (+2.60%) after touching an all-time high of $744.49 Monday morning, and the company currently has a market value of just under $669 billion.