Why Tesla (TSLA) Hit an All-Time High Today (Update)

Update (4:15 p.m.): Updated with closing price, all-time high price, one-day low price and volume information.

NEW YORK (TheStreet) -- Tesla Motors  (TSLA) hit an all-time high of $199.30 on Monday as public perception of the electric automaker has brightened and after China decided to extend electronic vehicle subsidies.

"Even though Tesla's in no position to mass produce Chinese cars, it just doesn't matter. The thesis is simply too positive NOT to buy Tesla," said TheStreet founder Jim Cramer on RealMoney. "Next thing you know the stock takes out its high and you have a technical reason to own Tesla."

Consumer Reports ranked Tesla fifth last week in its annual Car-Brand Perception Survey, a list that has been stable for several years; Toyota, HondaFord  (F) and Chevrolet (GM) have been the top four brands in the survey since 2009, while Toyota, Ford and Honda have been the top three since 2008.

The automobile shopping website iSeeCars.com also conducted a survey that concluded that a used Tesla Model S with a base price of $79,900 is worth an average of $99,734 used; furthermore, a Model S with a long-range 85 kilowatt-hour battery pack is worth up to $106,800. Other electric cars, such as the Chevy Volt hybrid and Nissan Leaf, lose value once purchased.

Tesla sold 6,900 Model S cars in the final three months of 2013, which marked a 20% increase from the estimate Tesla gave in its third-quarter report in November.

The stock closed at $196.50, a 5.34% or $9.97 increase from its previous close of $186.53. It had a volume of 12,058,633, up slightly from its average of 10,118,400 and hit a one-day low of $189.32. 

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