SPY329.08+0.29 0.09%
DIA267.63+0.91 0.34%
IXIC10,899.77-3.03 -0.03%

Tesla, Musk Approach Historic Milestones As Automaker's Stock Rally Continues

Tesla Inc. (NASDAQ: TSLA) passed by Ford Motor Company (NYSE: F) and General Motors (NYSE: GM) in combined market value Wednesday

Benzinga · -

Tesla Inc. (NASDAQ: TSLA) passed by Ford Motor Company (NYSE: F) and General Motors (NYSE: GM) in combined market value Wednesday, pushing the electric autoaker's market value to nearly $89 billion.

This comes after a series of achievements; Tesla posted surprise profits last quarter, said its Model Y would launch months ahead of schedule and delivered the first Model 3 vehicles built at its Shanghai factory.

Musk may soon reap the fruits of his labor with a pay package that is structured to net him over $50 billion if his self-imposed $100-billion market value milestone is met.

In an exclusive interview last November, ARK Invest’s CEO Catherine Wood told Benzinga her firm has a $6,000 price target on Tesla. Battery costs, artificial intelligence, and autonomous driving capabilities are helping the company emerge as an industry leader, she said. 

For Tesla to reach a $100-billion market value, the stock would have to climb over $554.80, according to Bloomberg.

Tesla stock was trading up 5.49% at $494.82 at the time of publication Wednesday. 

Related Links:

Cramer Questions Why Tesla's Stock Isn't Higher

Elon Musk Busts A Move As First Chinese-Made Model 3s Delivered

Photo courtesy of Tesla.