Tesla Is Now Worth More Than Ford
The electric car company recently surpassed Ford in market value and could soon pass GM. Find out more here!
Tesla, best known for its high end electric vehicles, has just surpassed Ford's market value of $45 billion with a sum of $48 billion and is just behind GM, currently valued at $50.8 billion. The shift occurred when Tesla's stock rose 6% after investment from Chinese tech giant Tencent as Ford's dropped 3% due to weak sales in March.
But this is probably only the beginning of Tesla's rise. The company only sold 25,000 of its Model S and Model X in the first quarter of 2017, whereas Ford and GM reported first quarter sales of 617,000 and 690,000 vehicles respectively. These sales are reflective of the current price ranges of these companies' vehicles, but once Tesla releases its Model 3 car, which will rival these companies ranges with a vehicle priced at about $35,000, Tesla's sales and value may skyrocket.
Tesla's CEO Elon Musk stated two years ago that he projects his company will one day be worth more than Apple (Back then, that was $700 billion). But now, what we want to know is...