TESLA VALUE ZOOMS TO $342B, HIGHER THAN US CARMAKERS AND TOYOTA

Electric auto-maker Tesla saw its stock hit a record high on Monday, as shares rose 11.2 per cent to close at $1,835.64, raising the company’s value to $342 billion, the Deutsche Presse-Agentur (dpa) reported on August 18, 2020.

The rise came without a clear reason, though one analyst tracking the stock had increased the price target to 1,900, but it follows on a massive increase in valuation for the company founded by Elon Musk.

Last August, the stock was trading at about $226 a share, which means Tesla has soared higher by more than 700 per cent in a year.

The company surpassed Toyota in July to become the most valued carmaker in the world and now Tesla is worth more than Detroit's big three auto manufacturers and Toyota combined. In part, Tesla's big bounce comes as investors expect positive news on its battery technology come September, as well as signs of a market opening in China. The company also announced a stock split.