Tesla hits an all-time high

Tesla hit an all-time high on Monday. The stock jumped 2.03% to $US389.57 in mid-day trading, but it’s now trading fractionally lower at $US383.77.

Tesla’s highest closing price was set on June 23, when it closed at $US383.45.

The new high comes in the middle of the company’s production ramp for the Model 3. Tesla has an estimated 500,000 backorders of its first mass-marketed vehicle and is increasing production to try and work through the glut.

The Gigafactory, Tesla’s massive battery plant in the Nevada desert, seems to be coming along well. The factory is expected to be producing the equivalent of 1 million Model 3 batteries in 2018, at a time when the company hopes to be making 20,000 cars a month, according to Ben Kallo, an analyst at Baird.

Tesla also recently announced the reveal date for its new semi-truck. The semi is rumoured to be aimed at the regional trucking market, with a range of between 200-300 miles. Details about the truck are unclear, but some estimates put its cost as high as $US100,000.

Tesla is up 78.43% this year, with a market cap of $US62.51 billion as of Monday’s open.

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Tesla stock price