The stock price of Tesla Motors Inc (TSLA) has gone up by over 1.85% today till the late morning trading session. Since the close on Wednesday, the stock has risen by over 5.6%. The stock closed at $346.17 on Thursday.

The California based company is an American automotive and energy storage company that designs, manufactures, and sells electric cars, electric vehicle power train components, and battery products. During the first quarter of 2013, Tesla posted profits for the first time in its history. Tesla first gained widespread attention following their production of the Tesla Roadster, the first fully electric sports car. The company’s second vehicle is the Model S, a fully electric luxury sedan, which was followed by the Model X, a crossover.

Global Model S sales passed the 100,000 unit milestone in December 2015, three and a half years after its introduction. The Model S was the world’s best selling plug-in electric vehicle in 2015. As of June 2016, the Model S ranks as the world’s second best selling plug-in car in history after the Nissan Leaf. As of 30 June 2016, Tesla Motors has sold almost 140,000 electric cars worldwide since delivery of its first Tesla Roadster in 2008.

Meanwhile, On Tuesday, Automotive News Europe reported that “Tesla’s Model S outsold the luxury flagships of Mercedes-Benz, BMW and Audi in Europe for the first time.” Also on Tuesday, both Model S and Model X delivery estimates for new orders were pushed out to June on the company’s website. Tesla told Electrek that high demand was creating a backlog.

Demand for the company’s products may have increased because of any, or a combination, of the following reasons; Tesla is expanding the number of its Supercharger locations, the number of Superchargers at each location, and plans to turn its Supercharger locations into owners lounges with solar arrays and restaurants. These steps all greatly enhance the customer experience. Tesla still has significant untapped opportunity beyond the United States, and Model S outperforming its European competition in their home turf is an indication that the company’s products will continue to grow beyond the United States.

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Recent media attention on SpaceX, another Elon Musk company, may have reflected positively on Tesla and its products. Recent additions of minor Autopilot features, the continued media coverage, and rumors on the long-promised coast-to-coast full self-driving demo (see here, here, here, here and here) may be supporting demand for Tesla’s existing products. Repeated delays in Model 3 production ramp may be pushing potential customers to opt for Model S and Model X.

Tesla’s potential customers may be accelerating their orders in anticipation of the upcoming delivery of the 200,000th Tesla in the United States, which will trigger a six-quarter phase-down of the $7,500 federal tax credit.

Our analysts have given a “HOLD” rating to Tesla Motors’ stock. Today’s rise indicates a positive response from the market which has been persistent for the past few days. It is expected stay steady for the following week as well.