Elon Musk’s Tesla Motors is now, quite remarkably, the most valuable car manufacturer in the United States.
While its sales figures are still dwarfed by US car giants Ford, General Motors and Fiat Chrysler, the e-car pioneer has overtaken the Big Three on Wall Street.
Tesla’s market cap hit a whopping $52.5 billion on Monday, placing it above GM for the first time ever.
The breakthrough comes despite Tesla not recording its first profit-making quarter until October last year. Tesla also sold 80,000 cars in 2016, while General Motors shifted more than 10 million.
While fractions of drivers are currently choosing Tesla Motors, the $35,000 Model 3, available later this year, will suddenly make them affordable to a much larger customer base.
The company still has a long way to go before it can lay claim to the title of world’s most valuable auto manufacturer.
The Japanese giant Toyota currently sits at the top of the pile with a market cap of $170m (via Telegraph).
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