Tesla Surges Past $100 Billion Market Value, Usurping VW

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Tesla crosses Sh10 trillion stock market valuation in extended trading

Shares of the electric carmaker were up 8.1% at $591.78 in late morning trading, continuing their furious rally that has more than doubled the share price in the last three months.

The Tesla founder, Elon Musk, has taken the first step to becoming $50bn (£38bn) richer, after the value of the electric vehicle company surged past $100bn.

That is a fraction of the 10 million sold by leading global automakers Toyota and Volkswagen, but investors have pushed up Tesla's value in the expectation that it is changing the industry, and its market value is greater than that of General Motors and Ford, combined.

While Musk's skeptics are dubious that Tesla should be worth more than a carmaker that sold nearly 30 times as many vehicles a year ago, Volkswagen's own Herbert Diess isn't so dismissive.

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"Tesla has high innovative strength regarding battery-electric vehicles as well as connectivity, which can partly explain the high market capitalization", Stefan Bratzel, a researcher at the Center of Automotive Management near Cologne, Germany, said in a report Wednesday.

The jump above $100 billion is about more than just bragging rights for Musk, Tesla's billionaire chief executive officer.

Musk could get more stock payouts for every additional $50 billion increase in market capitalization.

The electric-car maker has seen its stock more than double in the last three months, fueled by a rare quarterly profit in October, news of production ramp-up in its China factory and better-than-expected annual auto deliveries. He boosted his target price to $550 from $370 while maintaining the equivalent of a hold rating.

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This month, Tesla said it had delivered more than 367,500 cars previous year - up 50% from 2018.

"Tesla's tepid 0.3% gain in 2019 domestic unit sales suggests a tapped-out U.S. Sales in China skew the U.S. demand picture, which should become clearer by year-end with the ramp-up in Shanghai output". He expects Musk to forecast at least 550,000 units for 2020 during next week's earnings webcast and to tout the launch of the Model Y. Wedbush has a neutral rating on the stock.

-With assistance from Cécile Daurat, Tom Randall and Anders Melin.

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