Tesla Motors continues to be a rising star in the car world with company stock jumping 619 percent in the last 12 months.

The record rally is the biggest jump for automobile stock in at least 20 years, Bloomberg reported.  The Palo Alto, Calif.-based company launched its initial public offering in June 2010 and has since seen the stock increase by 15 times.

Tesla's magic formula seems to be a mix of innovative technology and positive buzz. The popular Model S was recently named the car of the year by Consumer Reports.

"Its combination of technology, glitter and utility, while being a leader in a segment that has a lot of potential, is leading buyers and investors to Tesla," Alan Baum, an analyst at Baum & Associates in West Bloomfield, Mich., who follows green cars, told Bloomberg. "They're leading a new segment with a product that transcends the segment it's in."

Worth $31 billion, Tesla's market capitalization has reached more than half of that of competitors General Motors and Ford, according to Bloomberg.

The startup doesn't seem to be slowing down; upcoming plans include constructing the largest battery plant in the world and branching out into China. The factory, which will be in Texas, Arizona, Nevada or New Mexico, may cost around $5 billion to build.

Tesla hopes to expand production by more than 55 percent this year and eventually reach CEO Elon Musk's goal of half a million in sales.

While Tesla has found success so far, a 500,000 sales figure is still far in the distance, equity analyst James Albertine of Stifel, Nicolaus & Co., told Bloomberg.

"As a luxury manufacturer they've done very well, but they have a long way to go to get to the mass market," Albertine told Bloomberg by phone. "I remain skeptical that they can get from 35,000 vehicles this year to 500,000 10 years from now."

Tesla will have to cut its usual $71,000 price tag to tempt more mainstream buyers, Albertine noted.

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