TSLA stock is gaining momentum on Tuesday after Tesla Inc (NASDAQ:TSLA) said that it has produced 1 million electric vehicles.

Electric vehicle manufacturing giant Tesla has had its ups and downs over the years as it tried to become a pioneer in a revolutionary new sector. That was something that was expected, but the company has managed to survive and eventually thrive.

Major Milestone

On Tuesday, the charismatic Chief Executive Officer of the company, Elon Musk, tweeted that Tesla produced its 1 millionth electric vehicle and congratulated the team on reaching the momentous milestone. While the milestone is definitely something that the company must be proud of, it should also be noted that the stock had not performed that well in the lead up to the announcement.

Due to the concerns about the coronavirus epidemic and the drop in oil prices, TSLA stock suffered considerably on Monday. It tanked by 13% amid the selloff in the market yesterday. However, this morning, the stock opened higher and is now trading up by 3.50% at $629.16, off the session high of $668.99.

The company has had a fairly decent time over the recent months, and at this point in time, the company offers a total of four models. The models include the Model S, Model 3, Model X, and Model Y. The first two are sedans, while the other two are sports utility vehicles.

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Tesla is going to start delivering the Model Y at the end of the current quarter. The company may have got a head start in the electric vehicle sector, but it needs to be pointed out that many big car manufacturers are making their moves into the sector.

Despite the recent correction, TSLA stock is still up 45% so far this year. Moreover, the stock has gained 255% from its 52-week low of $177.

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