Tesla had taken over the market value of Ford last week. Realizing the second below Tesla started this week with a market value of $ 51.75 billion, leaving General Motors behind. Tesla is the most valuable US automaker as of the second week of the April.
Tesla, California-based electric car maker and energy Storage Company became America’s highest automotive company on the market. Tesla‘s market capitalization is now more than General Motors’; making it the largest U.S. based automaker by that metric.
Tesla rose to $ 313.73 per share in the New York stock market yesterday and reached $ 51.75 billion in market value, leaving General Motors behind which is the largest US automaker in the market.
Although General Motors’ share price was the highest in New York Stock Exchange at $ 34.12 in 10th of April, the market value of the company stood at $ 50.44 billion. Expectations of the investors realized, Tesla passed General Motors’ market value, became the most valuable automotive company in the United States.
The number of vehicles delivered by Tesla increased by 69 percent in the first quarter of this year comparing to the same period last year and reached a record of 25 in this area. The investors believe that Tesla would be the future company of the automobile sector. Tesla had a loss of $773 million in 2016, but this loss even do not prevent investors begging on Tesla.
It is also obvious that General Motors sold about 10 million cars in 2016 whereas Tesla sold 76,000. General Motors earned a profit of more than $9 billion last year. Tesla has only had two profitable quarters in its history as a public company.
For some of the analysts Tesla’s sudden rise in stock market showed that it has been absurdly overvalued. As a respond to such criticism, Tesla CEO Elon Musk wrote on Twitter that while Tesla could be considered “absurdly overvalued,” based on past performance, the company’s share price reflects what Tesla could achieve in the future.