Tesla Charges Higher After Setting Production Record

Tesla Inc TSLA shares are trading higher by $12.00 (4.5 percent) at $290.30 in Monday's session.

The catalyst for the rally is the announcement that the company set a record for deliveries in Q1 at 25,418 vehicles. This is inline with the company's estimate to deliver 47,000 to 50,000 units in first half of 2017.

After a higher open, Tesla's stock had a brief retreat to $284.58. before continuing its move higher. At this time, it busted into the $290.00 handle as $290.50 stands as the high for the day as of 10:00 a.m. ET.

Its all-time high was made on September 4, 2014 at $291.42 and its all-time closing high was made that same day at $286.04.