Tesla’s Stock Closes At a New All-Time High

Shares of Tesla have been on a rocket in recent weeks.

It was not too long ago that Tesla’s share price hit as high as $420, with CEO Elon Musk tweeting a marijuana joke over the share price.

Now share prices have hit an all-time high of over $524 with the stock seeing gains of almost 10% on Monday.

Since last October when the electric vehicle maker reported a surprise profitable quarter, shares have been zooming. The company has also been looked at for its entrance in Shanghai, China and strong year-end delivery numbers.

Tesla began deliveries of its Model 3 sedan in China at the end of last yea and has reportedly increased production at the new Shanghai factory to more than 1,000 vehicles per week.

Musk recently said that the company plans to open a new design and engineering center in China and that it will use the Shanghai Gigafactory to build a production program for the upcoming Model Y crossover.

Tesla shares are up over 20% so far this year and have more than doubled in the past three months per FactSet.

The company now has a market cap of about $94.6 billion.

Disclaimer: We have no position in Tesla Inc. (NASDAQ: TSLA) and have not been compensated for this article.