Shares of Tesla (TSLA) notched a new intraday all-time high on Tuesday for the first time in nearly a year, amid some bullish commentary over its robotaxis and a major electric vehicle-related writedown by a rival.
TSLA advanced as much as +3.4% to $491.50 in Tuesday’s session, eclipsing its previous intraday record of $488.54 on December 18, 2024. The stock closed at $489.88, giving the company a valuation of $1.63T.
Earlier in the day, Morgan Stanley analysts led by Andrew Percoco said Tesla (TSLA) is expected to significantly increase the size of its robotaxi fleet over the next decade, reaching a million by the end of 2035.
Meanwhile, Ford (F) on Monday said it would no longer produce selected larger electric vehicles due to a lack of demand. The legacy carmaker also said it would take a $19.5B writedown on its EV business.
The gain in TSLA stock on Tuesday added $8.2B to top boss Elon Musk’s net worth, according to Forbes. On Monday, the billionaire businessman had become the first person estimated to be worth more than $600B.