Tesla stock (NASDAQ:TSLA) just hit a new milestone yet again on Thursday’s intraday, with the electric car maker briefly trading at $2,000 per share for the first time. While brief, hitting $2,000 per share is a notable achievement for the electric car maker, especially considering that TSLA stock was trading as low as $211 per share one year ago.
Tesla shares experienced a significant boost on Thursday, with TSLA stock rising up 6%. Tesla’s trading volume seemed quite notable as well, with over 13 million shares being traded halfway through the day. With its recent milestone, Tesla now commands an impressive $372 billion market cap.
While the exact reasons behind TSLA’s Thursday surge remain unknown, there are a number of updates about the company that would likely be appreciated by investors. Tesla is actively building three Gigafactories across the globe today: one in Shanghai, one in Berlin, and another in Texas. All three factories are progressing very quickly, with a recent drone flyover of the Giga Shanghai site revealing a busy complex with ongoing 24/7 work.
Similar flyovers of the Giga Berlin and Giga Texas site are equally encouraging. In the case of the former, Tesla’s use of prefabricated panels is proving very successful, with Giga Berlin’s drive unit facility taking form quickly. And in the case of the latter, work seems to be getting faster by the day, with more heavy equipment like pile drivers and massive trucks being deployed on the Giga Texas site.
Reports have also suggested that the Fremont Factory is now being outfitted with new machinery that would allow the company to outfit the Model Y with a single rear cast. This would likely pave the way for a faster and more efficient ramp for the all-electric crossover, which would hopefully allow the company to expedite the vehicle’s deliveries in the US and to other territories.
Apart from these, TSLA stock is expected to experience a number of other positive updates in the near future. Thanks to a profitable second quarter, Tesla has accomplished the requirements to qualify for the S&P 500. Whether Tesla will indeed be added to the index remains uncertain for now, though expectations are high that the electric car maker will indeed be an S&P 500 member soon, especially considering that its market cap just exceeded the 11th-biggest company in the index. Tesla is also expected to conduct a 5-for-1 stock split, which should place the company within reach of more retail investors.
As of writing, Tesla stock is trading 6.20% at $1,995.00 per share.
Disclosure: I have no ownership in shares of TSLA and have no plans to initiate any positions within 72 hours.