The electric vehicle maker managed to boost its market capitalization by a staggering $150 billion in just three days.

Previously considered an outlier among the well-regarded "Magnificent Seven" stocks, which include Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia, and Tesla itself, the company had trailed behind its peers on Wall Street. In fact, Tesla became the subject of jokes due to its underperformance and stagnation.

However, things have taken a dramatic turn for the better for Tesla. The recently published Q2 2024 report reignited investor confidence and sent its stock on a notable upward trajectory. This surge propelled Tesla's market cap to fully recover its year-to-date losses, surpassing other major automakers in the process.

To put this into perspective, Tesla's market cap increase of $150 billion now exceeds the current market valuations of Ford, which stands at $51.26 billion, and GM, which stands at $53.08 billion.

For the past couple of months, Tesla's stock had floated around the $180 mark. However, with this positive momentum, Tesla bulls are anticipating further gains in the coming months. Trading and investing tool Barchart recently highlighted that Tesla shares have broken their two-and-a-half-year downward trend, providing further optimism for the stock's future performance.

Looking ahead, Tesla has a busy quarter three and quarter four planned. CEO Elon Musk anticipates higher sales compared to the previous year, with the company already delivering an impressive 830,776 vehicles in the first and second quarters of 2024. To surpass the total deliveries achieved in 2023, Tesla will need to deliver more than 978,000 vehicles between Q3 and Q4 2024.

Furthermore, excitement is building for the upcoming unveiling of Tesla's dedicated Robotaxi next month, which could sustain the company's positive momentum throughout the latter half of the year.

Tesla's resurgence in stock value emphasizes its standing among the tech sector's most influential and high-performing companies. As the company looks to maintain its upward trajectory, all eyes will be on its sales figures and the success of its ground-breaking autonomous driving technology in the coming months.