A day after doing the same to Ford, Tesla Motors overtook GM to become the most value valuable auto company in the U.S.by market value on Tuesday.
Tesla's stock has surged to a record high, overtaking Ford by more than $3 billion, reportedBloomberg. At the current valuation, Tesla's market cap is approaching $53 billion, compared to GM's market cap of almost $50 billion and Ford's roughly $45 billion market cap.
Many auto makers had a hard month in March, posting considerable declines in United States sales, defying expectations for an increase compared to the same month of past year. The company carries a Zacks Rank #1 (Strong Buy).You can see the complete list of today's Zacks #1 Rank stocks here.
Pacific Crest restated an "equal weight" rating on shares of Tesla in a research note on Thursday, March 30th.
(TSLA) has a trading volume of 13.84 Million shares, with an average trading volume of 6.53 Million shares - with shares dropping to a 52 week low of $178.19 on Nov 14, 2016, and the company's shares hitting a 52 week high on April 3, 2017 of $299. BlackRock Investment Management LLC boosted its stake in Tesla by 3.2% in the third quarter. This year, Tesla is preparing for the launch of its $35,000 Model 3 electric vehicle (EV).
Weird, huh. This all comes with the obvious caveat that everything could change in a flash, but it's a notable milestone for Tesla founder Elon Musk, who gleefully chided skeptics of the company yesterday on Twitter.
Tesla Inc.'s market value has climbed to over $47 billion, while Ford's is about $45 billion.
Tesla's sales for the same period were just 4,000 but its prospects for future growth have impressed investors. GM's market value is $50.8 billion.
Ford was established nearly 114 years ago and has been making mass market vehicles for a large part of its history. The stock was sold at an average price of $228.61, for a total value of $228,610.00.
Most recent Tesla Autopilot 8.1 software update for second gen hardware vehicles bring set of features, know already from first gen Autopilot.
In the past five years, Ford has reported net income of about $26 billion.
In February, Wall Street's bet against Tesla reached $9 billion, but the short position has been declining as the stock climbed over the past 2 months.
Under Trump's very nose, Tesla, if it meets its half a million in sales target by the end of next year (and in a weak overall market), will probably force Ford, GM and other makers to lay off workers and possibly to close or idle some vehicle factories.