Tesla shares extended their rally on Wednesday, lifting the electric-vehicle maker’s market value above $1.5 trillion for the first time since December 2024.
As of press time, the stock is trading within $30, or 6.6%, of its all-time high of $488.54.
The surge followed the expiration of the $7,500 US EV tax credit and the domestic launch of the Model Y Performance, with prices starting at $57,490.
Tesla also raised lease prices for the Model Y and Model 3 in the US by as much as 11%, while offering a $6,500 lease credit to help offset the loss of the $7,500 federal incentive.
European registration data released Wednesday showed mixed results.
Sales rose 3.4% in Spain to 2,992 vehicles. France posted a 2.7% gain, while Denmark recorded a 20.5% increase. In Norway, sales climbed 14.7%, with the Model Y and Model 3 ranking as the country’s two best-selling cars.
Weakness persisted in some markets.
Registrations in Sweden dropped 64% to 1,726 units in September while sales in the Netherlands fell 48% to 2,006 units.
Analysts have been lifting their delivery estimates and price targets ahead of Tesla’s third-quarter production and delivery report due October 2.
William Blair lifted its forecast earlier this Wednesday to 480,000 units, above the consensus of 443,000, while maintaining a Market Perform rating.
Canaccord Genuity’s George Gianarikas this week raised his price target by 47% to $490, saying the third quarter could mark “a positive break in trend.”
Separately, Musk said the V14 — which the CEO claims to be the second biggest update ever — is scheduled to begin rollout this week, with the 14.1 version following by mid-October.
As of press time, Tesla shares are trading 2.2% higher at $454.
