Tesla, a leading U.S. electric vehicle company, has started to rallly again due to rising stock prices. Tesla plunged this year as the U.S. Fed entered the rate hike mode, but it has been soaring due to a large influx of low-priced technology stocks recently.
In particular, on the 28th (local time), the Shanghai Giga Factory announced a face-to-face split despite the news that it would suspend operations for four days, and the stock price soared more than 8%.
Tesla’s market capitalization rose $85 billion in a day as Tesla’s stock price soared more than 8% earlier this week.
This is more than the market capitalization of Ford, a traditional carmaker. As of that day, Ford has a market capitalization of $68.2 billion. For your information, rival General Motors (GM) has a market capitalization of $65.2 billion, slightly less than Ford.
Tesla’s market capitalization rose to $1.132 trillion after the stock hike October last year. Only four companies in the U.S. stock market, Apple, Microsoft, Alphabet, and Tesla, have a market capitalization of more than $1 trillion.
Tesla’s stock price jumped 8.03 percent from the previous trading day to $1091.84 on the New York Stock Exchange. This is the highest since Jan. 12. Tesla’s stock price hit a record high of $1,222 in November last year.
Tesla peaked at $1,222 in November last year. It plunged this year to around $700 on March 14. However, it has rebounded sharply in recent years, hitting the high $1,000 mark again.