Tesla shares have hit another record high after the automaker reported strong earnings, the largest-ever quarterly profit and a strong rebound in global sales.
Tesla shares surged more than 13 percent to $19.75 on Friday.
The stock has risen more than 50 percent this year.
The company is now trading at more than $220 a share.
Tesla shares have rallied over the past year as the automakers stock price soared over the summer as investors clamored for the electric-car maker to deliver on its ambitious plan to sell cars on a mass scale.
The shares rose again Friday after Tesla announced record earnings and a boost in sales for the second quarter.
Tesla has reported $8.7 billion in quarterly revenue, up from $7.9 billion in the previous year.
Tesla is expected to report another $2.6 billion in earnings for the quarter, the company said.
Tesla reported that its profit increased by 15 percent year-over-year to $21.1 billion.
That’s the best quarter in history for the Palo Alto, Calif.-based company.
The previous best quarter was $15.6 in 2016.
Tesla’s share price has soared by more than 60 percent this past year.
Analysts believe Tesla will continue to benefit from the recent stock market gains.
Tesla, like other tech companies, has struggled to regain momentum following the release of its initial public offering in May.
Tesla lost $1 billion in market value during that time, and its stock price has fallen over 50 percent.
Tesla’s shares rose nearly 30 percent in the first quarter.
The carmaker’s shares are down about 30 percent this decade.
The stock is down more than 7 percent in 2018, and more than 2 percent in 2017.
The firm is trading at a historic low.
The company reported that it added about 2,000 jobs in the second half of the year, but the growth was mainly in the supply chain for the Model S, which Tesla is selling to carmakers.
Tesla said the first half of 2018 was the second-best quarter ever for the company.
Tesla has a strong position in the U.S. electric-vehicle market, but it is struggling to gain traction in the global market.
Tesla sold only a handful of cars in China, while it sold a few thousand vehicles globally.
The Tesla brand has been under pressure to become more appealing to consumers and other companies.
Tesla is trying to reinvent itself as a technology company.
Its car maker is looking to sell its cars to mass-market car companies, which include automakers like General Motors, Ford and Volkswagen.
Tesla plans to sell as many as 20,000 vehicles by 2025, a goal that has been met so far.