The seemingly never-ending expansion and popularity of Tesla Motors has just reached an all-time high with the company’s market value exceeding $20 billion following investor optimism that company founder, Elon Musk can continue improving the appeal of electric vehicles.
During the day, stocks for Tesla Motors reached a high of $173 before closing out the day at $164.22 thus giving the electric automaker a market value of $19.9 billion. Further compounding the growth of Tesla is that shares for the California-based company have risen around fivefold this year alone. This dramatic increase in the automaker’s value comes as no real surprise considering its sales figures for the second quarter of 2013.
The company pulled in an impressive 5,150 sales of the Tesla Model S electric sedan for the time period. That equates to around 1,700 Tesla Model S’ a month which puts it right in line with the Nissan Leaf and Chevrolet Volt despite its dramatically higher price tag.
Tesla Motors also announced that net income was up by an impressive 70% up to $26 million which equates to a gross margin of 22%. The American electric automaker hopes to see that figure increase to 25% by the fourth quarter of 2013. If Elon Musk’s ambitious plans for the Tesla Model S prove effective, then by the end of 2014, annual sales could exceed 40,000 after Tesla begins to enter Europe.