Tesla Stock Breaks $100 Mark
Having paid its full Department of Energy loan nine years early, Tesla Motors has recorded yet another growth on the stock market, breaking the $100 mark for the first time and reaching an all-time high of $110.33.
Tuesday, Tesla jumped no less than 6 percent in the last 40 minutes of trading to end the day up 14 percent. This means that the EV automaker’s stock has risen 104 percent in May alone, which translates into a cool 217 percent the past three months.
Last week, Tesla Motors announced that it has paid off the entire loan awarded by the DOE in 2010, including interest, after wiring a final payment of $451.8 million. Earlier this month, the US company posted a $11 million first quarter profit for the first time in its history.
In other related news, Elon Musk revealed that Tesla will offer an affordable electric car in the next three to four years that will rival the Nissan Leaf. The new EV will cost less than $40,000 and will have a range of about 200 miles.