Tesla’s market cap has now reached the $20 billion mark as of August 26, 2013. The stock closed at an all- time high and the value of the company has moved forward with it, increasing the outlook for the business and pushing Telsa founder Elon Musk’s personal net worth closer to the $10 billion mark.
Tesla Motors received much positive press- and an expected boost to its stock price- earlier this year when it announced it had repaid all of its government loans. The company has never looked back as its products continue to sell and investors continue to perceive the company as one that could one day dominate the automotive market.
The company’s flagship Model S, which retails for about $70k, is selling faster than the company can produce it. Tesla expects its Model S sales to reach 21,000 units this year and double that number next year. The Model S was named Car of the Year by Motor Trend and has received high accolades from consumer organizations and others who have driven it and tested it against other vehicles in its class.
According to a report filed by the California New Car Dealers Association, Tesla Model S is the third best- selling vehicle for the first half of 2013 in the luxury/port vehicle class. The only vehicles selling more units are Daimler AG’s Mercedes- Benz E- Class and BMW’s 5 Series.
With so much positive news to report, Tesla has to continue to prove to the public and its investors that it is a company to take seriously. “Tesla’s the Apple of automotive - it’s managed to cross the automotive and technology fields to become this hot commodity,” said Baum & Associates auto analyst Alan Baum. “Justified or not, the expectations for this company are now very high.”
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