Tesla Motors Inc (TSLA): Tesla Shares Surge Due To Popularity In California

Posted Aug 26, 2013

Shares of Tesla Motors Inc (NASDAQ:TSLA) are up due to the company’s popularity in California.  The Tesla Motors Inc (NASDAQ:TSLA) Model S vehicle was listed in the top 5 selling models in the luxury and sports-car segment in California through June of this year.  Tesla Motors Inc (NASDAQ:TSLA) came in third place with 4,714 registrations.

Tesla Motors Inc (NASDAQ:TSLA) was behind the Mercedes E-Class and BMW 5-Series on the list.  They did beat the Lexus GS and Audi A6 though.

In June, the popularity of Tesla Motors Inc (NASDAQ:TSLA) jumped 1,097 of the brand’s California registrations for that month alone.  In June of last year, the company only saw 8 registrations.

Tesla Motors Inc (NASDAQ:TSLA) currently sells only one car, which is the $70,000 Model S.  The Model S won the Consumer Reports top rating in July and it was given a 5-star rating by the NHTSA.  Tesla Motors Inc (NASDAQ:TSLA) delivered 5,150 Model S sedans for the second quarter, which surpassed expectations of around 4,500.  Tesla Motors Inc (NASDAQ:TSLA) is planning on launching the crossover Model X vehicle next year.

Tesla Motors Inc (NASDAQ:TSLA) shares have risen over five-fold since the beginning of the year.  The stock price is currently trading at over $164, but it hit as high as $172.81 today with a market valuation of around $20 billion.