Tesla stock continued to rally on Monday, rising nearly 10% on the day and closing at an all-time high of $524.86 per share.

Tesla, which is now up more than 20% in 2020, continued to soar on its entrance into China and Q4 delivery figures that exceeded Wall Street's expectations. The stock has more than doubled over the past three months, according to FactSet.

The recent gains bring Tesla's market cap to about $94.6 billion, which is more than that of General Motors and Ford combined. The companies' market caps, which measure the value of their outstanding equity, don't tell the full story, though.

Tesla stock has been on a tear this quarter after announcing a surprise profit in its third-quarter earnings report in October of last year. Back then, the stock was just more than $250 per share.