Investors seem to like what Tesla CEO Elon Musk had to say at the 2017 shareholder meeting yesterday because the company’s stock price is again surging to new highs.
As the company’s revenue and valuation keep rising, Tesla was added to the Fortune 500 list, which was updated today.
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Fortune’s list goes by revenue and the $7 billion that Tesla pulled in last year was enough for the company to land in the #383 position.
For Tesla’s introduction in the list, Fortune published a report called ‘Fortune 500: Tesla Takes Off in China‘.
As we previously reported, China has indeed been an important of the company’s success last year when it reached over $1 billion in revenue in the country and it keeps going strong this year.
Of course, the U.S. remains Tesla’s most important market in term of total sales, but it’s not impossible that it could change in the near future now that China is both the biggest car market in the world and the biggest market for electric vehicles.
As for the stock, today it reached a new intraday high of $360 for a valuation of almost $60 billion.
It seems that the stock was helped by the several announcements made by Musk at Tesla’s 2017 shareholder meeting yesterday. Here’s a roundup of the news that came out of the meeting:
- Tesla releases first Model Y teaser image
- Tesla Model 3 configurator is going online in ‘late July’ with very few options at first, says Elon Musk
- Tesla currently working on 3 new factories, will build a new one for Model Y, 10-20 gigafactories total
- Tesla Semi to reach ‘scale production’ in ’18 to 24 months’ and will be unveiled with something unannounced, says Elon Musk
That, or maybe Musk is onto something with his correlation between the stock price and his underwear, or lack of underwear:
On a more serious note, it’s interesting that a company with the mission to accelerate the world’s transition to renewable energy is now a Fortune 500 company.
But being on the list is not enough for Musk. He recently said that ‘Tesla has the real potential to be one of the most valuable companies in the world’.