Tesla Motors, the Bay Area-based manufacturer of electric motorcars, is also supercharged in value, according to reports.
Tesla's stock has risen 500 percent since June 2010, and the car maker is scheduled to produce about 21,000 cars this year. It's worth more than Fiat and about a quarter as much as much bigger General Motors, according to the San Jose Mercury News.
CEO Elon Musk, who made his money with PayPal, says that his company's goal is to make affordable cars in the $35,000 price range -- which he may be able to do with less-expensive battery technology, the newspaper reported.
In addition to the current $72,000 Model S roadster, Tesla will roll out a crossover vehicle called the Model X and will aslo build a smaller version of the S, called the Gen 3, the newspaper reported.
Tesla's early success will be continued only if it can produce more affordable vehicles, according to analysts -- and if those vehicles are then successful.
Fremont-Based Tesla Motors' Stock Value Speeds Ahead
Electric car company is charged with energy and high valuation.
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