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Tesla (TSLA) stock hits $500 for the first time

Tesla stock continued to rally on Monday, rising nearly 10% on the day and closing at an all-time high of $524.86 per share.

Tesla, which is now up more than 20% in 2020, continued to soar on its entrance into China and Q4 delivery figures that exceeded Wall Street’s expectations. The stock has more than doubled over the past three months, according to FactSet.

The recent gains bring Tesla’s market cap to about $94.6 billion, which is more than that of General Motors and Ford combined. The companies’ market caps, which measure the value of their outstanding equity, don’t tell the full story, though.

Tesla stock has been on a tear this quarter after announcing a surprise profit in its third-quarter earnings report in October of last year. Back then, the stock was just more than $250 per share.

Tesla began deliveries of its Model 3 sedan in China at the end of 2019 and has reportedly ramped up production at the new Shanghai factory to more than 1,000 vehicles per week. Earlier this month, CEO Elon Musk said Tesla plans to open a new design and engineering center in China and that it will use the Shanghai Gigafactory to build a production program for the upcoming Model Y crossover.

China is the world’s biggest market for electric vehicles with 1.3 million new-energy vehicles sold last year.

Fourth-quarter delivery numbers published earlier this month impressed investors, driving the stock to its current heights. Tesla said it delivered 112,000 vehicles in the quarter to finish out the year, which brought the total vehicles delivered in 2019 to approximately 367,500 vehicles, a 50% jump from 2018.

— CNBC’s Lora Kolodny and Michael Wayland contributed to this report.

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