The shares of the US electric car maker Tesla exceeded $500 for the first time in its history yesterday boosted by the company's arrival in the Chinese market.
The US company began delivering its Model 3 sedan to China in late 2019 and has increased production at its new factory to more than 1,000 units per week. However, it expects to increase this figure to 3,000 in the future.
Tesla received a $1.4B loan from several major Chinese banks to build its Shanghai gigafactory. The company has 5 years to pay the money back.
An analyst from Oppenheimer fund had recently predicted Tesla's share price could grow to as much as $600.
After the recent increase in the price of the company's shares, Tesla's market cap has skyrocketed to $91.38B according to Google Finance, surpassing the value of Ford and General Motors combined.
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