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In an interview with Apple co-founder last week, Steve Wozniak spoke directly of how American automobile company Tesla would be able to overtake Apple as the most innovative company in Silicon Valley. According to Wozniak, Elon Musk’s way of managing the company is headed in the best direction and in a way that has not been done by anyone in the industry before. He also added that Musk’s risks in the company have also been paying off lately. Wozniak who is a Tesla owner and avid fan concluded that he is betting on Tesla to further rise.

Tesla Shares

Tesla’s stock was able to hit an all-time high on Tuesday at $335.10 from closing on Friday at $325.14.  Its 200-day moving average is currently at $256.46 while its 50-day moving average is at $311.83. Shares of the company climbed during intraday trading by as much as 3.06% to $336.28 sending the stock up by 69% since mid-December 2016.

Tesla shares recently slipped by 2.75% earlier this May after Morgan Stanley warned against the company’s exceedingly large expenses and operating losses reflected in their recent earnings report.

Tesla also surpassed General Motors last month as America’s second largest automobile market sending its shares rallying by up to 7% sending Ford to the third spot. This comes after Tesla was able to deliver its target of 25,000 cars during the first quarter 69% higher than the same quarter last year.

Shares of the American auto-manufacturer currently has a twelve-month high of $336.28 and a twelve-month low of $178.19. Investors are currently optimistic about Tesla’s performance despite concerns regarding the company’s dwindling cash reserves prior to the production of the much-awaited Model 3 sedan.

Model 3 Progress

According to recent reports, Tesla is still on track for the July production of its upcoming new vehicle, the Model 3 sedan. Tesla currently has a target of 5,000 vehicles per week by this year’s fourth quarter and 10,000 vehicles by 2018 at an unspecified period. Tesla also has reportedly received more than 400,000 in pre-orders for the Model 3.

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Meanwhile, reports have been recently surfacing on the vehicle’s so-called features through leaks and third-party information. Tesla recently confirmed a number of Model 3 features that are optional for buyers. These premium features include aluminum and steel body, glass roof, full-self driving capability, and coil suspension while other features from the Model S such as panoramic sunroof, Smart Air Suspension, and HEPA filtration system will not be seen at the upcoming Model 3.

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