Electric car maker Tesla is few inches closer to General Motors' top position as the most valuable automaker in the US. The most recent ranking of the best car maker in Uncle Sam's territory shows an impressive, and unsurprising rise of Elon Musk's young vehicle startup. The company even beat out the century-old and reliable Ford company on Monday in terms of market value and capitalization.
After surpassing one of the world's biggest auto company this week, Musk's company value continues to rise. The popular electric car manufacturer traded at $301.74 at midday, making its market capitalization $49.1 billion. This makes it inches closer to General Motors' $51 billion market size in the first quarter of 2017.
According to Reuters, Tesla announced on Monday that it had delivered a record 25,000 electric vehicles in the first quarter. Consequently, the company's stock rose 7 percent that day, and was up another 1 percent on Tuesday, leading to an impressive profit increase of an awesome $300-a-share for the first time. Despite its impressive numbers, Tesla's sales were dwarfed by the 550,000 that GM sold during the same quarter.
Musk's zero emission vehicle company has been at the forefront of battery-powered car technology. Coupled with impressive and enticing marketing speeches and demos, it has attracted a number of investors who are banking on strong growth in the future. The California-based company had also revealed on Monday that mass-market production of its new Model 3 sedan will begin this summer.
According to BBC, aside from inching closer to the MVP top spot, Tesla is also expanding its production of batteries for household and commercial buildings. The company is currently building a giant new $5bn factory in Nevada for its sister startup. After overtaking Ford's market value, Musk faced criticisms about his company being overvalued, which he dismissed on Twitter as irrelevant.