Tesla (TSLA) is trading up 4%+ today on the back of strong delivery numbers, leaving the stock at a new all-time high.  Below is a chart of Tesla (TSLA) since its IPO back in 2010.  While it may seem like the stock has been going up forever recently, it has actually been trading in a range between $140 and $280 over the last two and a half years.  Is today’s breakout to new highs the start of another big leg higher?

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One interesting side note to today’s breakout for Tesla is that its market cap has surpassed the market cap of Ford (F) for the first time ever.  Below we highlight the changes in market cap for Tesla (TSLA), Ford (F), and General Motors (GM) over time.  At $47.9 billion, Tesla’s market cap is now $2.8 billion larger than Ford, and it’s $3.1 billion smaller than GM.  It seems like it’s only a matter of time before Tesla eclipses GM as well.

In our view, one of the main reasons that short sellers have had such a problem with Tesla is that they view it as a car company first and compare it to companies like GM and Ford.  When you view Tesla as a Technology company instead of a car company, the game changes completely.

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