Tesla Outmatches BMW, Nabs World’s Fourth Most Valuable Automaker Spot
Tesla slowly inched its way past top automakers such as Ford and General Motors in the past three months with regards to market value. The Elon Musk-led company eventually grabbed the fourth spot from BMW and has set its sights on Volkswagen, Daimler, and Toyota.
Tesla has so far delivered 76,230 vehicles last year. According to ExtremeTech, however, the current market cap of Tesla is valued at $60.28 billion. That's now around $5 billion more than the market cap of BMW. The popular car manufacturer sold a total of 2,367,603 cars last year. Despite this impressive figure which included BMWs, Minis, and Rolls-Royces, the former fourth player only had a $54.77 billion market cap.
Tesla's ascent to the top started three months ago after it passed Ford which recorded 6.7 million sold vehicles and $44.65 billion market cap. Tesla followed that up by overtaking GM which ended with 9.6 million sales and a market cap of $51.45 billion.
Volkswagen is currently at third spot with 10.3 million cars sold and a market cap of $67.24 billion. Next on the list is Daimler, the company behind Mercedes-Benz, with 3 million sales and $70.35 billion market cap. Finally, the leading automaker remains Toyota with 10.1 million vehicles sold and a whopping $155.88 billion market cap.
Early in the month, Tesla and BMW were involved in a cat-and-mouse affair. By June 9, Tesla gained a half a billion lead over BMW. However, Tesla lost its footing and fell behind BMW once again at the end of trading day. Come Tuesday (June 12), Tesla once again soared past BMW, as reported by The Motley Fool. It seems like Tesla got a good foothold this time as its lead over BMW has ballooned to $5 billion, as mentioned earlier.
One of the possible reasons why the company's stock value continues to rise is its upcoming Tesla Model 3. At a recent shareholder meeting, Musk assured everyone that the Model 3 will still be launched in July. Musk also unveiled at least a couple of upcoming vehicles in an electric semi and the Tesla Model Y.
Elon Musk Reveals First Images Of Tesla Model 3 Production Unit On Twitter
Elon Musk showed off the very first Tesla Model 3 unit on Twitter and Instagram.
Tesla Model 3 Hits Production This Week, First Car To Be Delivered This Month
The Model 3 will be priced around $35,000. Elon Musk envisions it reaching a much wider range of customers and has said he expects it to push Tesla’s output to 500,000 cars a year in 2018.
BMW Is Set To Unveil Its Tesla Model 3 Competitor In September
Elon Musk has said that the entry-level Model 3 will cost $35,000. While a BMW Series-3 vehicle can be had for as little as $33,000. That said, if BMW’s entry-level can compete with the Model 3 on features and on specs.
Takata Bankruptcy Benefits Automakers Over Victims
Most of Takata's obligations are owed to automakers for recalling and replacing millions of its air bags, and the Japanese supplier's restructuring plan relies heavily on financial support from its customers.
Tesla Has A Treat For 400,00 Customers Who Pre-ordered The Model 3
Tesla claimed that the Model 3 car can drive 215 miles on a single charge with access to the largest supercharger network ever, which is set to double in size by the end of 2017.
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