Tesla's stock surpasses $400, reaching its highest level since January 2022.

The share of the famous American electric car manufacturer owned by billionaire Elon Musk, Tesla, witnessed a significant rise of more than 3.5% during trading on Monday, pushing the company's shares above the $400 mark, thus trading at their highest level since January 4, 2022.

This occurred at the same time the German investment giant Deutsche Bank announced its recommendation to buy Tesla shares, as the bank's analysts raised the price target for Tesla shares to $370.00, a significant increase from the previous target of only $295.00.

Last week, Tesla revealed more details regarding its self-driving taxi, the Cybercab, where one of the company's engineers stated that there would be a significant reduction in production costs, as the company plans to deliver a car with roughly half the parts of the Tesla Model 3.

This comes after Tesla announced last month, coinciding with the release of its quarterly results, that it aims to launch full self-driving service in 2025, where it is expected that the incoming U.S. President Donald Trump will ease restrictions on self-driving cars in the United States.

Regarding trading, Tesla (NASDAQ: TSLA) shares erased their gains after exceeding the $400 mark to $404.8, declining about 1.7% to $384.04 per share during today's Wall Street session.