Following a strong few days of trading for Tesla’s stock, the electric auto manufacturer has shot into first place in the stock market’s ranking of car companies. Having beat out Ford yesterday, Tesla’s market cap surpassed General Motors today, making Tesla the most valuable car manufacturer in the US.

Unlike Ford and GM, Tesla’s market cap is mostly based on future expectations rather than the profits made on the cars that it currently ships. Thanks to overwhelming demand for the Tesla Model 3 — over 370,000 pre-orders worldwide — Tesla’s expected to have a huge boom in sales in the next two years.

Add that to the extra value that comes from being the most recognizable electric car brand in the world, and all of Tesla’s work on autonomous cars, and it’s clear that investors are looking to the future with Tesla.

The big question remains whether the company can actually deliver all the Model 3s it’s promised for the ambitious $35,000 pricetag. If production can’t ramp up quickly, or Tesla finds it impossible to make a profit at $35,000, you can expect Tesla’s stock to take a downwards rollercoaster ride.

After closing at $298 yesterday, Tesla’s stock is currently trading at around $303. That puts its market cap at about $53 billion, well in excess of GM’s $50 billion.

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