Last week, I wrote a story about the “Teslanaires” — the people who placed heavy bets on Tesla Motors and are now reaping the rewards as the stock price moves higher and higher.
On Tuesday morning, Tesla’s stock is trading at $167, giving Tesla a market cap of over $20 billion.
Tesla plans to deliver 21,000 units of the Model S this year, and demand from Europe and China appears to be strong. The boost in the stock Monday came from the fact that the Model S, which has a base price of roughly $70,000, is selling extremely well in its native California. According to a report by the California New Car Dealers Association, Tesla has sold 4,714 cars in California through the first half of 2013, giving it a 12 percent share of the luxury and sport market. By comparison, the Lexus GS sold 2,298 units.
Analysts are increasingly thinking about the Palo Alto-based company’s long-term prospects, with many eager for more information about work on the Model X and the more affordable “Next Gen” planned for 2016-2017.
A prototype of the Model X sedan at the Tesla factory in Fremont.