Shares of Tesla gained more than 4% Monday, reversing course from a rough previous week and erasing some of their mounting losses for 2018 so far.
In just its second year as part of the Fortune 500, Tesla gained 123 spots to reach number 260 on the 2018 list, published by the magazine on Monday. The company joins a handful of other automakers on the list, including General Motors at number 10 and Ford at number 11.
“Elon Musk’s electric-car company made the biggest leap on this year’s 500-moving up 123 spots — thanks to booming sales of its Model S sedan and Model X SUV,” said the magazine. “But the costly, delayed rollout of Tesla’s mass-market Model 3 caused its stock to drop 12% in the first four months of 2018.”
The list leap was fueled by a revenue jump of 67% from $7 billion in 2016 to $11.76 billion last year.