Tesla to Join Listing of Nasdaq 100 Biggest Companies
Tesla's market cap is currently north of $12.7 billion.
Tesla's stock price has been up as much as 264 percent this year, well ahead of the list's current leader, Netflix, which has gained 166 percent since the beginning of the year. In midday trading Wednesday Tesla stock was down $1.17 at $122.28. It began the year at $35.36. (For the latest stock price click here.)
The listing is always changing. There have been four other changes already this year. There were two dozen changes in 2012 and about 10 in 2011. Other automotive-related companies presently on the list include O'Reilly Automotive and Paccar.
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The company has hit several major milestones this year, including turning a profit for the first time ever, setting a sales record for its Model S and paying off $465 million in federal loans.
The Palo Alto, Calif.-based EV maker earned $11.2 million on revenue of $561.8 million: its first profit in its 10 years of existence.
The profit was driven in large part by the company exceeding its targets for deliveries and gross margin. That optimism is carrying over into the second quarter as the company expects to produce 5,000 units and deliver 4,500 in North America and keep the gross margin above the 17 percent it posted for the first quarter. Five hundred of the vehicles produced are being shipped to Europe for delivery in the third quarter.
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Tesla CEO Elon Musk revised guidance on production levels, increasing the anticipated production of 20,000 units to 21,000 for 2013.
The maker launched its Model S sedan last summer and plans to add a new crossover, dubbed the Model X, by late 2014.
Musk confirmed to TheDetroitBureau.com that additional products are under development targeting more mainstream segments of the U.S. market than the Model S, which can cost in excess of $100,000 fully loaded.
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The Model S has won a variety of kudos and was recently given one of the highest ratings ever by Consumer Reports magazine, 99 points out of a possible 100.
Other important moves this year included introducing a hybrid loan/lease program allowing buyers to return their Tesla vehicles for a guaranteed value and a no-fault warranty program for the Model S battery pack.
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—By Mike Strong, CNBC Contributor.