Tesla's Stock Hits $400 Mark for the First Time in Over a Year

On Monday, shares of Tesla Inc. climbed above the $400 per share threshold, marking the first time since January 2022 and reaching their highest price since November 2021. This significant jump in Tesla's stock price comes amidst a series of positive developments for the electric vehicle maker.

Last week, Tesla unveiled further details about its highly anticipated Cybertruck. An engineer revealed that the company plans to reduce production costs substantially by delivering a vehicle with "roughly half the parts of the Model 3 today." This cost-saving strategy is expected to make the Cybertruck more competitive in the market.

Additionally, Tesla is aiming to launch its Full Self-Driving service by 2025. This timeline aligns with expectations that the incoming administration of United States President-elect Donald Trump will relax regulations on autonomous driving, potentially providing a favorable environment for Tesla's advanced driver-assistance systems.

As of 9:39 am ET, Tesla's stock had surged by 3.56%, trading at $403 per share. This upward trend underscores investor optimism about Tesla's future prospects and its ability to maintain its leadership in the electric vehicle market.