- Tesla shares surged as much as 16% to a new all-time high on Monday.
- The latest leg of the automaker's epic rally came as it set a date for its highly anticipated "Battery Day" presentation and as speculation that it may soon be included in the S&P 500 index rose.
- The company reports second quarter 2020 earnings on July 22.
- Watch Tesla trade live on Markets Insider.
- Read more on Business Insider.
Shares of Tesla surged as much as 16% Monday to $1,794.99, a fresh all-time high for the automaker, as it announced a date for its upcoming Battery Day and speculation increased that it may soon be included in the S&P 500 index.
Tesla on Friday announced that its long-awaited and highly anticipated "Battery Day" will be held on September 22, the same day as its 2020 annual shareholder meeting, in its Fremont, California, factory.
The day will likely be "a major positive catalyst for the stock," Wedbush analyst Daniel Ives wrote in a Sunday note, adding that he believes CEO
"The technology innovations around Giga/Fremont remain the key ingredients in
Tesla has been on an epic rally this year, surging 321% to date, and is now the most valuable automaker in the world. While a number of analysts have rushed to upgrade the stock, there are also strong bearish views against the automaker — Tesla is slated to become the first company with a $20 billion short bet against it.
The automaker is set to report its second quarter earnings on July 22, following its better-than-expected vehicle delivery numbers earlier this month.
If Tesla reports positive earnings, it will mark the fourth consecutive quarterly profit for the automaker, a key milestone it has to reach to be considered for inclusion in the prestigious S&P 500 index.