TESLA SURPASSES GM & FORD TO BECOME THE MOST VALUABLE AUTOMAKER IN THE U.S. 📈🥇
At the close of trading Tesla had a market value of $49 billion (R667 billion), compared with Ford's value of $46 billion (R626 billion) making it the second most valuable automaker in the U.S under GM (General Motors).
That however, would only last for a day though as Tesla’s stocks took another jump earlier today (Tuesday) which saw Tesla leapfrog over GM’s market cap to become the most valuable U.S. automaker as measured by the stock market’s standards.
Tesla's shares rose on Monday after the company announced record vehicle deliveries in the first three months of the year.
The firm delivered more than 25,000 cars in the first quarter, up 70% on the same quarter last year.
Tesla’s stock is mainly kept afloat due in large part by its potential: The company has been readying to launch its Model 3 electric vehicle, with a price tag starting at $35,000 (R476, 710) U.S. before tax incentives for green vehicles.
Demand is incredibly strong, with around 373,000 pre-orders as of May last year. So far, it seems on target to meet its goal of beginning shipment this year, and even delivering some of the first vehicles by the end of 2017.
Tesla was trading up around 1.8% as of this writing, with a stock price of $303.89 (R4, 139) per share and a total market cap of $53.06 billion (R722, 7 billion), while GM was tracking at around $34.40 (R468, 53)per share, with a total market cap of $49.80 billion (R667,9 billion).