As we reported earlier today, the pre-market action on Tesla’s stock indicated that it could be testing new all-time highs, but it was now confirmed after the market opened with Tesla up as much as 5% for a new high of $292 per share.

It brings Tesla’s valuation past $47 billion. That’s more than Ford ($45B), Nissan ($40B), or Audi ($30B), despite each of those brands selling more vehicles in a month than Tesla does in a year.

Though as we reported last week, the comparison with legacy automakers is not exactly fair since Tesla is positioning itself more as tech and energy company than just an automaker.

The announcement of Tesla’s record deliveries for the first quarter was undoubtedly the biggest contributor to the surge this morning. As of the time of writing, Tesla’s stock was up 5% and trading at an all-time high of $292:

Several Wall Street analysts were predicting deliveries in the lower end of Tesla’s guidance for the first half of the year and they will need to adjust their models, which is likely contributing to the market’s reaction this morning.

Additionally, most of the same analysts are guiding for lower Model 3 deliveries in 2017-2018 than Tesla is guiding. The company’s current strong deliveries show that they can beat guidance and could result in higher confidence in its ability to deliver the Model 3 on time and in volumes.

It will be interesting to follow the market perception of Tesla over the next few months leading to the planned start of Model 3 production in July.

Update: someone doesn’t seem to mind the stock price increase and even decided to throw some shade at people shorting Tesla’s stock:

Stormy weather in Shortville … — Elon Musk (@elonmusk) April 3, 2017

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