Tesla shares rose nearly 20% on Monday, putting its market value at just under $141 billion. This puts them well ahead of fellow domestic carmakers, Ford (F) - Get Report and General Motors (GENERAL MOTORS) , with Toyota well within its sights. Toyota sold 10.74 million cars in 2019 compared to 367,500 for Elon Musk’s Palo Alto, CA based Tesla.
Tesla shareholders saw an added $23 billion in value during yesterday's move. The surge in the share prices was largely tied to an announcement by Panasonic Corp on Monday.
The company which manufactures batteries for Tesla said that the company turned profitable in the last quarter of 2019, a full quarter ahead of its past expectations. Panasonic CFO Hirokazu Umeda said that Tesla's rapid increase of output, helped Panasonic turn profitable so quickly.
Panasonic also has a joint venture with Toyota to manufacture batteries that will launch in April.
Tesla shares have more than doubled this year.
Analysts have recently been raising price targets to catch up to the stock and short-covering by investors betting against the shares. The average 12-month price target of analysts is $493, up from $334 in December, according to FactSet.