Tesla shares crack $1,500 as stunning run continues

Tesla Inc. (NASDAQ: TSLA) shares continued in “ludicrous mode” Friday, crossing $1,500 for the first time.   

Ludicrous mode is a feature that enables the top-line Tesla P90D Model S sedan to accelerate from zero to 60 mph in under three seconds, faster than some Ferraris and Lamborghinis.

The continued run in Tesla shares coincided with gains in all major indices on Friday. Tesla closed up 10.78% or $150.37, on the day. Tesla surpassed the market capitalization of Japan’s Toyota Motor Corp. (NYSE: TM) on July 1 and has not looked back. It topped the market cap of Germany’s Volkswagen AG as No. 2 in February.

Tesla CEO Elon Musk said Thursday that fully autonomous driving -- so-called SAE Level 5 -- is possible this year. It’s hard to say how much his latest pronouncement had to do with Friday’s gain.

"I remain confident that we will have the basic functionality for level 5 autonomy complete this year," Musk said in a video played at the World AI conference in Shanghai. “I think there are no fundamental challenges remaining for level 5 autonomy.