: Tesla stock’s rally adds $106 billion to EV maker’s market cap

United States

Tesla Inc. shares on Tuesday rose the most in one day since February 2020, snapping a five-day losing streak on the back of upbeat car sales in China.

Tesla TSLA, +19.64% stock ended Tuesday up 19.9% at $ 673.58, its highest close in a week and largest one-day percentage advance since Feb. 3, 2020.

Tuesday’s rally added $ 106.1 billion to the company’s market value, its largest one-day market-cap gain on record.

That boost alone is double the size of Ford Motor Co.’s F, -0.63% $ 50 billion market valuation and larger than General Motors Co.’s GM, -0.60% and Nio Inc.’s NIO, +17.44% market valuations, at $ 78.7 billion and $ 64.9 billion, respectively.

Tesla’s market cap stands at $ 647 billion.

It was also the stock’s third-largest one-day percentage gain on record. Tesla was the best performer in the S&P 500 index SPX, +1.42% Tuesday and the index’s third-most active. It was the best performer in the Nasdaq 100 NDX, +4.03% and second-most active stock in that index.

The losing run had helped wipe more than a quarter of a trillion dollars off the company’s market cap in a little more than a month.

Tesla has also been in a bear market, or at least 20% off recent highs, since February, a situation that some on Wall Street pinned on its bet earlier this year on bitcoin BTCUSD, +0.26%.

Tesla shares have gained 454% in the past 12 months, compared with an advance of 41% for the S&P 500.