Updated from 8:32 a.m. EST to provide analyst comments in the twelfth paragraph.NEW YORK ( TheStreet) -- First, Tesla Motors ( TSLA) set out to revolutionize the electric car market. Now, it's revolutionizing the ETF business. Late on Monday Nasdaq announced that the Palo Alto, Calif.-based company will be joining its NASDAQ-100 Index, as well as the NASDAQ-100 Equal Weighted Index prior to the beginning of trading on July 15, 2013. Tesla will replace Oracle ( ORCL), which is joining the New York Stock Exchange. Tesla shares were higher in early Tuesday trading following the announcement, gaining 3.08% to $125.35. This announcement solidifies the coming of age of the electric car and the Model S, and most importantly, Tesla itself. The company could not be immediately reached for comment for this story. It's pretty incredible that a company that's only 10 years old has joined the Nasdaq 100. As CNBC's Herb Greenberg points, Tesla joined the Nasdaq 100 faster than Netflix ( NFLX), and on a similar trajectory to Amazon ( AMZN).
$TSLA joining the Nasdaq 100, Reality Check: It's 10 yrs old, public 3 yrs. NFLX, 16, added last month. $AMZN, 2008, 2 yrs old, public 1 yr.— Herb Greenberg (@herbgreenberg) July 9, 2013Having test-driven a Model S, I can say without a shadow of a doubt, it's the most incredible driving experience I've ever had. The interior of the car is immaculate, and has every gadget and toy you could possibly want. Drivers can go from 0 to full torque instantly. It's truly an experience like no other, and speaks to the innovation that CEO Elon Musk and Tesla have incorporated into their vehicles.
Demand has been so high for the Model S that the company raised global deliveries guidance on its last earnings report. It now expects to deliver 21,000 vehicles this year, up from a prior goal of 20,000 cars. Not only are Tesla fans showing interest in the product, but so is the general public. Consumer Reports gave the Model S a near-perfect score of 99, citing the car's power, handling, and interior. Analysts are falling over themselves to raise price targets on Tesla. One analyst went so far as to call Tesla America's fourth automaker, behind Ford Motors ( F), General Motors ( GM) and Chrysler. The hype surrounding this company is approaching, and in some cases, has surpassed Apple ( AAPL) levels. Judging by the results, it's clearly warranted. Not everyone believes the hype, though. Bank of America Merrill Lynch analyst John Lovallo, who rates shares "underperform" with a $39 price objective, believes the optimism surrounding the company might be unwarranted. "