Tesla Overtakes GM As America's Most Valuable Car Company
It’s official – for the first time ever, Elon Musk’s government-subsidized car-maker is America’s most valuable auto manufacturer.
Tesla shares surged another 1% today, amid a continued “trouble in shortville” ramp, topping $300 for the first time…
That gives the company a total value of $52.7 billion.
That’s more than GM’s $49.6 billion valuation. Tesla chief executive Elon Musk says he expects the company to sell 500,000 cars next year. GM, meanwhile, sold more than 20 times that many last year.
“If you look at the different auto companies on paper, it does seem a bit proposterous, where Tesla is at this moment, versus some of the more established auto companies,” Jessica Caldwell, director of industry analysis with automotive research firm Edmunds, said in an interview with CBC’s On The Money on Monday.
Tesla sold 76,285 cars last year. That compares to over 10 million for GM worldwide and 6.65 million for Ford.
“I think Tesla has had a very high market cap for a long time, so I don’t think this comes necessarily as a surprise, but when you compare it to someone like Ford [or GM] who has a wealth of resources, it does seem a little out of whack,” Caldwell said.