Tesla zooms past $700 billion in market value after nearly hitting 500,000 deliveries in 2020
- Tesla stock climbed as much as 5% to a fresh high on Monday, boosting the electric-car company's market capitalization to north of $700 billion.
- Elon Musk's automaker exceeded its production target of 500,000 vehicles last year, and fell just short of 500,000 deliveries.
- "So proud of the Tesla team for achieving this major milestone!" Musk tweeted about the news.
- Tesla's stock price soared by more than 740% in 2020.
- Visit Business Insider's homepage for more stories.
Tesla shares jumped as much as 5% to a record high on Monday after the automaker revealed it delivered about 500,000 vehicles to customers last year. The stock-price surge added up to $36 billion to the automaker's market capitalization, lifting it past $700 billion for the first time.
Elon Musk's electric-car company recorded 499,550 deliveries in 2020 - 450 short of its target. However, Tesla said its delivery figures tend to be "slightly conservative" and the final number could vary by 0.5% or more. Therefore, Musk and his team counted the performance as achieving their goal.
"So proud of the Tesla team for achieving this major milestone!" Musk tweeted. "At the start of Tesla, I thought we had (optimistically) a 10% chance of surviving at all."
Tesla hustled to hit its numbers last quarter. Its deliveries stood at about 318,000 at the end of September, meaning it had to deliver a demanding 180,000 vehicles in the fourth quarter.
Musk's company also achieved its production target. It manufactured about 509,000 vehicles in 2020, exceeding its goal of 500,000.
Tesla's stock price skyrocketed by about 740% last year, boosting its market cap to north of $600 billion. Here's a chart showing its remarkable rally:
