Tesla stock rose 5% and passed $500 per share, reaching an all-time high Monday.

Tesla’s stock value has more than doubled in the past three months, according to FactSet.

The company’s market cap now sits at $90 billion.

The increase follows the electric car maker’s decision to enter China at the end of last year. CEO Elon Musk announced plans to open a new design and engineering center in China earlier this month.