Tesla jumps 8% to record high after Elon Musk email shows optimism around a profitable 2nd quarter

Reuters / Rebecca Cook

Shares of Tesla jumped as much as 8% to an all-time intraday high of $1,087.50 Tuesday after a leaked email from CEO Elon Musk showed optimism that the company could break even in the second quarter.

"Breaking even is looking super tight. Really makes a difference for every car you build and deliver. Please go all out to ensure victory!" Musk wrote in a Monday email to employees. The email was first reported by Electrek.Advertisement

Tesla is expected to report its second quarter vehicle deliveries sometime this week, ahead of the Fourth of July weekend.

Read more: We spoke with 3 financial experts, who said to make 4 these trades right now to get ahead of surprising gains when earnings season starts next month

Tesla's stock price has been on a searing rally this year, hitting multiple all-time highs. On Tuesday, its market capitalization reached roughly $201 billion, putting it closer than ever to the $214 billion market value of Toyota, the highest-valued automaker in the world.
Advertisement

In the first quarter of the year, Tesla reported stronger-than-expected vehicle deliveries and a surprise profit even though it dealt with factory closures in China due to the coronavirus pandemic. Since, its US factory was also shuttered in April due to a local shelter-in-place order.

Tesla resumed production at the US factory in May, defying the local shelter-in-place orders. Tesla has gained roughly 157% year-to-date. Advertisement

Markets Insider

{{}}