This archive report was first published on 9 June 2020.
On Monday, Tesla stock closed at a record high of over $949, marking a significant milestone for the company. This achievement comes on the heels of a report by the China Passenger Car Association (CPCA), which revealed that sales of Tesla's Model 3 vehicle made in Shanghai tripled in May, reaching 11,000 cars compared to 3,635 in April.
According to Bloomberg, Tesla had cut its prices for the Model 3 in China by about $2,818 in May, amid growing competition from Daimler AG, Volkswagen AG, and General Motors Co. This move appears to have paid off, as demand for the vehicle has increased significantly.
Meanwhile, Tesla has been making headlines for its defiance of local health authorities and a countywide order that restricts nonessential businesses to minimum basic operations. The company reopened its primary car assembly plant in Fremont, California, last month, despite the order.
As of January this year, Tesla had reached a $100 billion stock market evaluation, becoming the first U.S. car manufacturing company to achieve this milestone. CEO Elon Musk recently earned the first tranche of his performance-based pay for keeping the company's market capitalization above $100 billion.
With its stock market evaluation and growing demand for its vehicles, Tesla is poised for continued success in the electric car market.
