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Tesla tops US$100b market valuation

Wall Street boost and Michigan deal give electric carmaker plenty to be happy about.
Posted on 23 January, 2020
Tesla tops US$100b market valuation

Tesla is now worth more than US$100 billion (NZ$152b) and is the second most valuable carmaker in the world.

Wall Street’s confidence in an all-electric future pushed the company’s stock up five per cent on January 22 and its overall value past the milestone figure.

Tesla, which is already valued at more than Ford and General combined, has seen its stock more than double in the past three months and now has a bigger market value than Volkswagen.

It is still chasing Toyota though, with the Japanese car giant worth more than US$200b.

The financial boost puts Tesla’s chief executive Elon Musk closer to earning the first US$346 million tranche of options in his pay package. The US$100b valuation needs to stay for a one-month and six-month average in order to trigger the vesting of the first of 12 tranches of options granted to Musk to buy Tesla stock.

In another win, Tesla has reached a settlement with Michigan to allow it to directly deliver its vehicles to customers in the state, reports the CleanTechnica website.

Until this ruling, Teslas on Michigan roads had to be sold and serviced out of other states. The company has been operating a gallery in Detroit where its employees were, by law, not allowed to talk about pricing or lease terms and could not complete sales.