Tesla Motors Inc (TSLA) Stock Priced To Perfection

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January 16, 2014 11:04am ETF BASIC NEWS

scaredIn the last two days, electric car maker Tesla Motors Inc’s (NASDAQ:TSLA) market cap has added nearly $3.7 billion in market cap. And, it may be on its way to more, says one technician.

In the last two days, Tesla shares are up over 20% since early morning Tuesday. What sparked the jump was the company’s announcement that it sold 6,900 vehicles in the last quarter of 2013, about 20% higher than expected. That’s a little less than what General Motors sells in one day, though at $20 billion, Tesla is valued at more than a third of the auto giant.

This has Tesla’s founder and CEO Elon Musk enthused about this year, which includes plans to break into the Chinese auto market. Speaking to CNBC, Musk said:

“I’m very optimistic about 2014. You know, our rough aspirations as I have said before are to be somewhere in excess of 800 vehicles a week by the end of the year. Obviously, we’ll try to exceed that but I’m confident that we can meet that number at a very minimum.”

It won’t be smooth driving for Tesla, however. The company is upgrading the wall adapters and chargers for over 29,000 Tesla vehicles. The National Highway Traffic Safety Administration is calling that a recall, much to the chagrin of Musk.

Related: Complete List Of ETFs That Hold Tesla Motors (TSLA)

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