Tesla‘s stock recently surged to $516 per share, making the company worth more than $93 billion. According to Wired, the Palo Alto-based manufacturer is now valued at more than any other American car manufacturer, including Ford and GM combined.
As of this past Monday, Tesla’s market capitalization reached $93 billion, compared to $50 billion for General Motors and $37 billion for Ford, although GM sold roughly 20 times more cars than Tesla in 2019, and Ford sold more than six times as many. Reports reveal that Tesla delivered 112,000 cars in the fourth quarter of 2019 and 367,500 for the entire year, both of which are company records. Such figures should continue to increase for Tesla as the company just opened its new facility in China. Similarly, it has plans to build a fourth gigafactory in Germany.
Furthermore, Elon musk is now on the cusp of receiving the first of 12 performance-based stock grants as noted in his 2018 compensation package. Musk will be awarded one percent of the company’s stock, valued at approximately $1 billion, if Tesla becomes worth more than $100 billion. The company is currently worth $93 billion-plus. Tesla must also reach a number of predetermined targets for revenues and earnings, one of which is $20 billion in annual revenue, of which the company has already surpassed. In short, if Tesla’s stock reaches more than $553 in the coming months, Musk will get his bonus.
Tesla is currently the most valuable car company in America by a wide margin. For more on the company’s surging valuation, follow on over to Wired.