Tesla Motors continues surge ahead as share price surpasses $100 2:48 pm by Deborah Bacal

Tesla Motors (NASDAQ:TSLA) is continuing its share price momentum, rising more than six per cent on Tuesday to surpass the $100 mark for the first time.

As of mid-afternoon, shares of the electric car maker rose $6.54 to $103.62. The stock has more than tripled in value since the start of the year.

Sheeraz Raza at ValueWalk notes that among the items driving the gain is a recent visit by Goldman Sachs to the company's California plant. Expectations are now that global demand for the Model S could top initial views of 40,000 to 50,000 cars annually.

The company earlier this month said it was raising more capital, raising $830 million through an offering of common stock and convertible senior notes. Chief executive officer Elon Musk is putting his own money on the line by buying $100 million worth of stock.

Tesla said it expects to use the aggregate $830 million in proceeds to pay off its U.S. Department of Energy loan and pay the cost of its convertible note hedge