Tesla now worth more than 100-year-old Ford
NEWSWATCH: Yesterday, 3 April 2017, saw Elon Musk's clean transportation and power company, Tesla, reach $298.56 in Nasdaq trading (a 7.3% increase). That pushed its market cap to a record almost-$48 billion compared with $45.3 billion for Ford.
4 Apr 2017
According to reports, this happened a day after Tesla reported its best-ever quarterly production and delivery results.
Last year, Ford sold 6.7 million vehicles compared to Tesla which delivered less than 80,000 cars. Musk is of the opinion that, after the launch of the Model 3, his company could produce up to 500,000 vehicles a year in 2018.
Currently, shares of both General Motors and Ford are now lower for the year, while Tesla's stock has increased more than 35%.
Musk marked the occasion on Twitter with a dig at short sellers, investors who bet that a company's stock will decline.
Stormy weather in Shortville ...
— Elon Musk (@elonmusk) April 3, 2017
For more:
- Move over, Ford. Tesla is now the second most valuable car company in America via CNN Money
- According to the stock market, Tesla is now worth more than Ford via TechCrunch
- In Elon They Trust: Loyal Tesla Shareholders Push Its Market Value Past Ford's via Forbes
- Tesla's market value surpasses Ford via Engadget
