Tesla is now worth more than Ford and GM—combined

Enlarge / Elon Musk celebrates the opening of a new Tesla factory in Shanghai, China. (credit: Qilai Shen/Bloomberg via Getty Images)

Less than a month after Tesla’s stock first rose above $400, the company’s shares have now soared past $500 per share. As I write this, one share of Tesla stock is worth $516, which means the company as a whole is worth more than $93 billion.

The latest rally was sparked by a new report from Colin Rusch, an analyst at the Wall Street firm of Oppenheimer & Co. He revised his Tesla price target upwards from $385 to $612. But more fundamentally, the rising stock price reflects the fact that, after a couple years of near-constant chaos, the company seems to finally be executing smoothly.

Tesla delivered 112,000 cars in the fourth quarter of 2019 and 367,500 for the full year. Both were new records for the company; Tesla barely achieved its goal to deliver at least 360,000 cars for the year.