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Tesla shares hit all-time high

Tesla CEO Elon Musk gestures as he visits the construction site of Tesla’s Gigafactory in Gruenheide near Berlin, Germany, August 13, 2021.

Patrick Pleul | Reuters

Tesla shares hit an all-time high on Friday, surging above $900 a share shortly after the market open.

Shares were trading at roughly $898 around 11:40 a.m. ET,

The move comes nearly two days after the company reported record revenue and profits in the third quarter. It also marks the first time since January the company made an intraday record.

Tesla’s strong earnings results stemmed from improved gross margins of 30.5% on its automotive business and 26.6% overall. The stock dropped under 2% in after hours trading on Wednesday.

Tesla’s market cap stood at roughly $850 billion shortly before noon.

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