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The Fortune 500 list has been one of the most exclusive of its kind in the world, where only the most profitable and prestigious companies have been granted membership. As a validation of its upward rise, Tesla was finally allowed into the exclusive club, largely thanks to a reported revenue of $7 billion for last year. This placed Elon Musk’s company in the 383rd position.
In a recent shareholder meeting, investors were treated to an amazing development by Musk by saying that the company has had record profits during last year’s fiscal year. This applies to global revenue as well, with China being a particularly huge contributor since Tesla car sales in the nation tripled, Fortune reports.
For 2017, Tesla is in even more of a roll since shipment to the Asian giant doubled compared to the previous year, which likely made investors giddy with glee. It’s clear that the wealthy elite of one of the world’s largest markets is starting to prefer luxury cars powered by clean energy and the American company is currently the biggest name in the business.
In fact, pre-orders for the Model 3 units that the company is planning on mass producing soon is so huge in China that it handily comes second to that in the US market. This rush in purchases and orders is the biggest sign yet that Tesla has finally broken through the barrier that held it back from being one of the biggest car makers in the world.
With regards to its current value, Tesla is currently sitting pretty at a $60 billion, Electrek reports. Shares stand at $360, so trading for the stock is certainly going to be exciting.
Of course, being added to this list was never the goal for Musk. The tech renegade has his sights on making Tesla the single most valuable company in the world and an increasing number of financial experts are starting to become believers.
