Tesla Inc. received an invitation to join the prestigious S&P 500 index in November.
It was the latest milestone for the electric vehicle maker and CEO/founder Elon Musk, capping a year during which Tesla’s growth and development reached new heights.
For its innovative technology and unique business model, Tesla was recently awarded fifth-place in the FreightWaves FreightTech 25 awards for the most innovative and disruptive companies.
In July, Tesla topped Toyota as the world’s most valuable transportation company, buoyed by preorders for its new Cybertruck electric vehicle. Tesla’s market capitalization reached $208.3 billion on July 1, surpassing Toyota’s $194.5 billion.
On July 22, the Palo Alto, California-based automaker announced it would build its new $1.1 billion Gigafactory in Austin, Texas.
The 2,000-acre Gigafactory will be used to build Tesla’s Cybertruck, the Tesla Semi and the Model 3 and Model Y for the eastern half of North America.
During July, Tesla also reported its second-quarter financial update, in which the company posted its fourth straight quarterly profit.
With the announcement of its new Gigafactory and rising demand for its Cybertruck and Model Y, Tesla’s shares and market capitalization continued to soar. By the end of August, Tesla’s market cap reached $420 billion, equal to Toyota, Ford and GM combined.
In September, Tesla unveiled batteries aimed at adding range and power while also helping to reduce production costs and sell electric vehicles for around $25,000, according to Musk.
“This has always been a dream from the beginning of the company. Soon, about three years from now, we’re confident we can make a very, very compelling $25,000 electric vehicle that’s also fully autonomous,” Musk said during Tesla’s annual shareholders meeting Sept. 22.
On Nov. 16, Tesla Inc. received an invitation to join the S&P 500, the premier U.S. stock index. The S&P 500 measures the stock performance of 500 large companies listed on stock exchanges in the U.S., including Amazon, Alphabet, Apple, Facebook, Berkshire Hathaway, Johnson & Johnson and Procter & Gamble.
Tesla, which will debut on the S&P 500 prior to the open of trading on Monday, has added more than $200 billion in market value since the announcement. Its market value now tops $608 billion.
Click for more FreightWaves articles by Noi Mahoney.
More articles by Noi Mahoney
Auto parts factory creating 700 jobs in Mexico
More layoffs in Texas for Southwest Airlines, Hilite International
