Tesla closes up more than 13% to record high, with market value of more than $250 billion

Beijing, July 7 (Xinhua) — Tesla’s shares closed 13.48 percent higher at $1,371.58 on Monday, a record high with a market capitalisation of $254.3 billion. Earlier, Tesla CEO Musk announced plans to expand production in Asia outside China. Tesla overtook Toyota on Wednesday to become the world’s most valuable car company by market capitalisation, and on Thursday it also reported 90,650 electric vehicles delivered in the second quarter, well above market expectations.

Tesla closes up more than 13% to record high, with market value of more than $250 billion

In addition, JMP Securities raised Tesla’s target price to $1,500, making it Wall Street’s most bullish investment bank. JMP Securities’ target price is based on Tesla’s $100 billion in revenue by 2025.

“If Tesla can deliver more than 90,000 vehicles in a challenging quarter, there is no reason why the company can’t deliver 130,000-140,000 vehicles in a single quarter by the end of this year,” JMP Securities said. “