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Tesla Market Value Reaches $20 Billion on Optimism of EVs

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Tesla Motors Inc.’s market value exceeded $20 billion in intraday trading on investor optimism that Elon Musk can keep widening the appeal of electric-powered cars as the company’s sales increase.

The stock climbed 1.5 percent to close at a record $164.22 in New York, after climbing as much as 6.9 percent to an intraday high of $173. The shares trimmed their gains after Secretary of State John Kerry said the U.S. will hold Syria’s government accountable for using chemical weapons. Tesla’s market value was $19.9 billion at the close.