AutoIndustriya.com / Tesla | April 05, 2017 11:40
Tesla overtakes General Motors in overall valuation at $52 BN
Tesla's stock has slowly been climbing throughout the year, and after surpassing Ford in late March at $45.47 billion US, the electric vehicle maker has overtaken automotive giant General Motors says Wall Street. As of moment of writing, GM currently stands at $51.23 billion, while Telsa has total valuation of $52.08 billion.
According to InsideEVs, after surpassing GM, Tesla now stands as the highest valued American automaker, and only falls slightly behind Honda in overall value. The Japanese automaker currently has a market valuation of $53.08 billion. Currently the stock price of Tesla is over $300 with a high of $303.70 earlier today. At the rate of how Tesla's value is increasing, they could soon be overtaking the Japanese automaker as well.
The reason behind the boom in stocks and overall value for Tesla can be attributed to the company's high performing sales figures for the first quarter, wherein they were able to deliver 25,000 electric vehicles. Another reason for the increase would be due to the arrival of the highly anticipated Model 3. The company has yet to post a full-year profit report however in its 13 year history.
As the Model 3 is expected to hit the roads in July and production increasing to meet the 325,000 pre-orders, buying Tesla stocks seems to be a good idea right now given their performance and steady increase in value.