Tesla zooms past $700 billion market cap after 500,000 deliveries in the year

Tesla model 3 order page

Tesla shares jumped as much as 5% to a record high on Monday after the automaker revealed over the weekend that it delivered about 500,000 vehicles to customers last year. The stock-price surge added up to $36 billion to the automaker’s market capitalization, lifting it past $700 billion for the first time.

Elon Musk’s electric-car company recorded 499,550 deliveries in 2020 – 450 short of its target. However, Tesla said its delivery figures tend to be “slightly conservative” and the final number could vary by 0.5% or more. Therefore, Musk and his team counted the performance as achieving their goal.

Q4 2020

  Production Deliveries
Model S/X 16,097 18,920
Model 3/Y 163,660 161,650
Total 179,757 180,570

 

2020

  Production Deliveries  
Model S/X 54,805 57,039  
Model 3/Y 454,932 442,511  
Total 509,737 499,550  

Tesla hustled to hit its numbers last quarter. Its deliveries stood at about 318,000 at the end of September, meaning it had to deliver a demanding 180,000 vehicles in the fourth quarter.

Musk’s company also achieved its production target. It manufactured about 509,000 vehicles in 2020, exceeding its goal of 500,000.

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