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New York (CNN Business)Tesla may be the new kid on the block in the auto industry, but it's quickly become a big kid on Wall Street.
The electric car maker's shares continued to climb more than 4% on Tuesday, increasing its total market value above $500 billion for the first time. Tesla's market cap rose to more than $520 billion Tuesday afternoon.
Tesla (TSLA) is now worth more than the combined market value of most of the world's major automakers: Toyota (TM), Volkswagen (VLKAF), GM (GM), Ford (F), Fiat Chrysler (FCAU) and its merger partner PSA Group (PUGOY).
The milestone comes on the heels of a banner year for Tesla's stock. The company's share price has grown 550% since the start of the year — trading at $549 midday Tuesday, up from $86 in January.
www.cnn.com
The electric car maker's shares continued to climb more than 4% on Tuesday, increasing its total market value above $500 billion for the first time. Tesla's market cap rose to more than $520 billion Tuesday afternoon.
Tesla (TSLA) is now worth more than the combined market value of most of the world's major automakers: Toyota (TM), Volkswagen (VLKAF), GM (GM), Ford (F), Fiat Chrysler (FCAU) and its merger partner PSA Group (PUGOY).
The milestone comes on the heels of a banner year for Tesla's stock. The company's share price has grown 550% since the start of the year — trading at $549 midday Tuesday, up from $86 in January.
Tesla's market value tops $500 billion for the first time
Tesla may be the new kid on the block in the auto industry, but it's quickly become a big kid on Wall Street.
www.cnn.com
