For the first time, Tesla Inc’s stock market value has eclipsed the combined values of General Motors Co and Ford Motor Co.
Tesla Model X. Image used for representation. (Image: Tesla)
The Silicon Valley electric-car maker’s stock jumped nearly 5% on Wednesday, closing at a record $492.14 per share and elevating its market capitalization to almost $89 billion (67.9 billion pounds), or $2 billion larger than the sum of General Motors’ and Ford’s respective market caps of $50 billion and $37 billion.
Fueled by a surprise third-quarter profit, progress at a new factory in China and better-than-expected car deliveries in the fourth quarter, Tesla’s stock has more than doubled in the past three months.