Tesla Overtakes GM as America's Most Valuable Automaker quoting : "Fortune"

John Max

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The midsize electric vehicle, Tesla's first priced by the mainstream, is set to go into production in July. Related: Is the Tesla Model 3 the Safest Car Ever? GM sold about 10 million vehicles last year, which works out to about 250 percent more vehicles each week than the 76,000 Models S and X battery vehicles Tesla moved in all 2016. But Monday brought the Wall Street equivalent of a close horse race, GM and Tesla trading the lead almost by the hour. Tesla had seemed poised for more than a week to take the lead, having already nudged past Ford earlier in the month.

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Tesla Overtakes GM as America's Most Valuable Automaker

Tesla Overtakes GM as America's Most Valuable Automaker

They also point to opportunities from Tesla 's acquisition last year of money-losing solar panel installer SolarCity and Tesla 's Nevada battery cell plant aimed at driving down manufacturing costs. Proponents believe Tesla , which is not profitable, argue its stock price is justified based on long-term expectations for Tesla 's growth. Tesla 's market capitalization is now equivalent to $102,000 for every car it plans to make in 2018, or $667,000 per car sold last year. By comparison, GM sold 10 million cars and Ford ( f ) sold 6.7 million. ANALYST ENTHUSIASTICAfter 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."

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