GO
Loading...

Tesla to Join Listing of Nasdaq 100 Biggest Companies

Tesla Motors
Getty Images
Tesla Motors

Tesla Motors continues to ride a wave of good news as it will join the Nasdaq 100, which is a listing of the 100 largest nonfinancial companies on the exchange, on July 15.

The electric vehicle maker is replacing Oracle on the list. The computer technology giant is moving to the New York Stock Exchange.

Tesla's market cap is currently north of $12.7 billion.

(Read More: New Chargers Will Be Blackout-Proof, Says Tesla's Musk)

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.

(More From The Detroit Bureau: Jaguar Goes Forward into the Past)

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.

(More From The Detroit Bureau: A 30 MPG Corvette?)

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.

(More From The Detroit Bureau: Volvo Aims to Regain Safety Lead)

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.

(Read More: Why the Tesla S May Be a Game-Changer)

—By Mike Strong, CNBC Contributor.

Contact Autos

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    To learn more about how we use your information,
    please read our Privacy Policy.
    › Learn More