Tesla Shares Close Above $900 for First Time, Market Cap Stands at $900 Billion

It’s been a historic day for Tesla shares, as they not only reached all-time highs of $910, but closed the day at $909.68 per share, the first time the company’s stock has closed above $900.

As it stands, Tesla closed up 1.75% for the day and its market cap now stands at $900.6 billion.

The Tesla stock rally comes after the company’s impressive third quarter earnings, which beat Wall Street estimates. The company set records for net income and revenue and also was able to withstand the global semiconductor shortage better than traditional automakers.

Tesla said it is seeing heavy demand from consumers for electric vehicles, specifically its vehicles, which are seeing gross margins of nearly 30%.