American EV giant Tesla saw its stock surge approximately 50% this year to date, following the automaker’s record-breaking Q1 results.
Interestingly, Tesla’s shareholders recently increased the company’s market capitalization substantially, as analysts anticipate its performance over the coming nine months of 2023.
Tesla stocks add $200 billion
Per the report, Tesla’s stock has increased its market value by almost $200 billion so far in 2023.
It is also worth noting that the Musk-led automaker recently recorded its greatest quarterly percentage growth since the fourth quarter of 2020.
Tesla’s market capitalization as of this writing is $585.55 billion, a considerable increase from the $389 billion it had as of the end of 2022.
Unsurprisingly, Tesla stockholders are pleased with the news, especially after it lost roughly two-thirds of its valuation in 2022.
Nonetheless, Tesla’s January to March deliveries remained strong, as evidenced by portfolio-wide price cuts, revised eligibility for the $7,500, and other factors.
Tesla reclaims the 10th spot from Bitcoin on the largest asset by market cap list
After two days of explosive growth, Bitcoin (BTC) surged to a 10-month peak on April 10, hitting an all-time high of $30,380.
BTC temporarily held the position of the 10th largest asset in the world during that boom, with its market cap reaching $585.05 billion.
However, EV giant Tesla was able to overthrow BTC just after several hours, thanks to the $30,000 consolidation. Initially, Tesla was at the 11th spot among the top 100 public firms with its $584.7 billion market cap.
Despite being overthrown, BTC remained dominant against #12 Facebook’s Meta ($556.7).
At the top of the list, you would see tech giant Apple with a market cap of $2.563 trillion. It is followed by Microsoft, with a $2.154 trillion market cap.
At the 6th spot is their rival, Google, with a market cap of $1.366 trillion.
The top ten were completed by Google ($1.366T), Amazon ($1.046T), Berkshire Hathaway ($688.07B), and NVIDIA (681.20B).
Tesla Q1 deliveries
Tesla reported production of 440,808 EVs in the first quarter of the year, mostly Model 3 and Y units. Of that total, 421,371 Model 3 and Y were delivered. The remaining 19,437 were contributed by premium Model S and X vehicles.
RBC Capital Markets Analyst Tom Narayan predicted solid deliveries for Tesla in the first quarter of the year, even after raising his forecast to 445,000 units from 418,000, according to MarketWatch.
At the time, the FactSet consensus for Tesla’s Q1 deliveries was 432,000. At the end of February, experts had expected about 437,000 deliveries.
“We increased our forecast based on strong sales data during the first two months of the quarter and believe sales accelerated in March.
Production and sales data in China seem solid, and weekly domestic sales data in the first few weeks of March is robust which we assume continues.”
RBC Capital Markets Analyst Tom Narayan
