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Tesla Touches $100-Bln Mark

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Tesla's market capitalization briefly crept up the $100 billion mark in extended trading on Tuesday, making it the first publicly-listed automaker in the U.S. to achieve the feat.

Tesla's stock gained 7.2 percent to close Tuesday's regular trading session at $547.20, and rose a further 1.4 percent to $555 in after-hours trading, pushing the luxury electric car maker's market valuation to more than $100 billion.

The gain was recorded after brokerage New Street Research raised the company's twelve-month price target to $800, from $530. Analyst Pierre Ferragu forecast that Tesla will deliver 2 million to 3 million cars annually after 2025.

While Tesla is already the most valuable U.S. automaker, the achievement took it close to toppling German automaker Volkswagen as the second-most valuable car company in the world.

Volkswagen currently has a market capitalization of $100.6 billion. Toyota remains the world's most valuable automaker with a market cap exceeding $200 billion.

Tesla's chief executive officer Elon Musk will be eligible to receive the first tranche of a pay award if the company is able to keep its market value above the $100 billion for a sustained period.

Tesla's stock price has more than doubled in the last three months, after the company reported a surprise third-quarter profit in October and ramped up production at its new factory in China.

The company's full year 2019 vehicle deliveries were up 50 percent from the prior year to 367,500 vehicles, stoking investor optimism.

While reporting its third-quarter results in October, Tesla had said it was "highly confident" of exceeding 360,000 deliveries in the full year.

in early January, Tesla launched the Model 3 electric sports utility vehicle from its new Shanghai factory in record time.

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