Electric car company Tesla plans to join the S&P 500

Tesla Inc.’s (TSLA) Chief Executive Officer Elon Musk announced on Thursday that Wall Street’s most controversial stock might join the S&P 500 after the company’s market value has risen from $50 billion to more than $250 billion over a week. It equals the combined values of Toyota Motor Corp. (TYO), General Motors Co. (GM), Ford Motor Co. (F.N) and Fiat Chrysler Automobiles NV (FCA).  

Tesla would release its quarterly report on July 22 while analysts were confident that the company would show a profit.

“What’s the fundamental value? If you have a million-mile battery, what does that add to the stock? It comes down to scarcity. How do you play the EV market? It all comes down to the P-word: Profitability,” Wedbush’s Managing Director of Equity Research Dan Ives said.

On Thursday, CEO Elon Musk said in a video message to the World Artificial Intelligence Conference (WAIC) in Shanghai that the electric car company would have fully autonomous self-driving vehicles by the end of the year.  

Tesla’s shares rose by 1.3% in an all-time intraday high.