In a report Thursday, Joe Spak of RBC Capital Markets marveled at how the electric-car maker has managed to add about $48 billion of market capitalization by ginning up excitement about its quarterly vehicle deliveries.
Shares in Tesla have risen more than 160% since the start of 2020, as investors feel more confident about the future of electric vehicles.
Tesla shares gained 5% in early morning trade to a record of $1,133, boosting the company's market cap to $209.47 billion - roughly $6 billion more than Toyota is now valued by investors. It delivered 80,050 units of its new Model Y sport utility vehicle and Model 3 for the quarter.
Tesla, in comparison, ended 2019 with $24.6 billion in revenues, having delivered 367,200 vehicles past year.
Investors have bid up shares of Tesla as much as 12% over the past two trading sessions in anticipation of the company's second quarter delivery results.
The company did not break out deliveries by model or country, but Chinese vehicle registrations showed accelerating consumer demand for the Model 3 sedan. The Shanghai plant was only briefly impacted by coronavirus shutdowns in late January and early February.
Tesla shut down its Fremont, Calif. factory for about six weeks of the quarter to comply with rules set to stop the spread of COVID-19. While vehicle deliveries increased 2.5 per cet on a quarterly basis, production dropped almost 20 per cent. Chief Executive Elon Musk in the past said Tesla would deliver at least 500,000 vehicles in 2020, a forecast the company has not changed despite the coronavirus pandemic.
Tesla is now seeking a location for a second US vehicle factory to build its Model Y and a new electric pickup truck, zeroing in on Tulsa, Oklahoma, and Austin, Texas.