Tesla becomes most valuable U.S. car maker in the USA

11.04.2017 / 05:39

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For the first time in the era of the modern automobile, the most valuable U.S. car maker is not based in Detroit.

Tesla Inc overtook General Motors on Monday to become the U.S. car maker with the largest market capitalization as the century-old automobile industry increases its reliance on software and cutting-edge energy technology.

Tesla rose 3.26 percent to a record high of $312.39 on Monday. Its market value of $50.887 billion exceeded GM's by about $1 million.

Over the past month, the luxury electric car maker has surged 35 percent as investors bet that Musk will revolutionize the automobile and energy industries.

After driving a Tesla for seven months, Piper Jaffray analyst Alexander Potter on Monday upgraded the stock to "overweight" from "neutral", describing Tesla's products as "captivating".

"Tesla isn't just another company. Tesla engenders optimism, freedom, defiance, and a host of other emotions that, in our view, other companies cannot replicate."

Skeptics believe Tesla's growth targets are unrealistic and that the company risks being overtaken by GM, Ford and other deep-pocketed manufacturers ramping up their own electric-vehicle offerings.

Its market capitalization remains smaller than Japan's Toyota Motor Corp , at $173 billion.

Source Bloomberg

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Tesla becomes most valuable U.S. car maker in the USA

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