Tesla stock has hit a new record high, closing over $949 on Monday, in part on news that the company tripled its Model 3 sales in China in May following a spike in demand.
The Tesla stock represents an over 120% jump year to date and is up over 340% since last summer. The stock’s previous high was $917 in February.
According to a report by the China Passenger Car Association (CPCA), sales of Tesla’s Model 3 vehicle made in Shanghai topped 11,000 cars in May compared to 3,635 in April.
Bloomberg reports that last month, the automaker cut its prices for the Model 3 in China by about $2,818 amid growing competition from Daimler AG, Volkswagen AG, and General Motors Co.
Last month, the automaker reopened its primary car assembly plant in Fremont, California, defying local health authorities and a countywide order that restricts nonessential businesses to minimum basic operations.
Tesla is an American automotive and energy company based in Palo Alto, California. The company specializes in electric car manufacturing and, through its SolarCity subsidiary, solar panel manufacturing. It operates multiple production and assembly plants, such as Gigafactory near Reno, Nevada, and its primary vehicle manufacturing facility at Tesla Factory in Fremont, California.
In January this year, the company reached the $100 billion stock market evaluation and became the first U.S. car manufacturing company to hit the mark. CEO Elon Musk recently earned the first tranche of his performance-based pay for keeping the company’s market capitalization above $100 billion. Elon was awarded 1.7 million shares as part of the package worth $775 million based on the current market price of Tesla shares. His stake in the company stands at 18.5% valued at $24 billion.