Elon Musk’s Tesla Overtakes Ford And GM, Becomes The Most Valuable Carmaker In America

Tesla has become the most valuable US carmaker with its blockbuster run continuing in the stock market - the reason largely attributed to a huge demand for its electric vehicle, the delivery of which will begin by the end of this year.

The American carmaker outdid Ford today in the stock market having passed GM’s market cap on Tuesday.

Tesla’s stock has been on the upside following its report that both production and deliveries were on the rise during the first quarter of the year. On the contrary, the big US automakers didn’t do too well in terms of vehicle sales in the same period. This appeared to have pumped up Tesla stock as against the competitors’ stable performance to say the least.

However, Tesla’s potential helped prop up its stock with the company preparing to launch its Model 3 electric vehicle. With prices starting at $35,000 before tax incentives for green vehicles, demand was incredibly high with around 373,000 pre-orders as of May last year.

As of now, Tesla appears to be on target to meet its goal of beginning shipment this year and even delivering some of the first vehicles by the end of 2017.