Reaching a fresh multi-year high of around $418 in midday trading on Wednesday, Tesla (TSLA, Financial) continued its epic ascent. Over the previous four months, the value of the electric car stock has more than doubled,
increasing its market capitalization to around $1.3 trillion. The march has also helped CEO Elon Musk's wealth to rise. Supported by his interests in Tesla, SpaceX, Neuralink, The Boring Company, and xAI, Musk is now apparently the first person with a net worth of more than $400 billion. Reports of strong demand in China and speculations about a new Tesla model have propelled the enthusiasm this week.
According to a Deutsche Bank analysis, Tesla might introduce the first half of 2025 with a brand new vehicle, potentially costing less than $30,000 with subsidies. However, the model's affordability might rely on the Inflation Reduction Act tax credit's continuation, which incoming President Donald Trump will likely weigh-in on once he takes office. Investors responding to the optimistic view andpossible market expansion are driving the continuous rise in Tesla stock.
