Tesla shares jumped as much as 12% to hit a record-high price of $650.88 per share. One analyst sees the stock jumping as high as $750 by 2021.
Tesla said on Wednesday that its factories could make up to 550,000 Model 3s and Model Ys this year, compared to 90,000 Model S and Model X vehicles.
Ren Leggi, a portfolio manager at ARK, said that conviction in Tesla has never been higher, but the firm's trading strategies aren't passive.
Analysts expect Tesla to post a loss for Q2. Analysts also expect Tesla's revenue to rebound on improved Q2 vehicle deliveries.