Mexican Media Brands
UPDATE: Tesla’s Market Value Tops GM’s
Bullish investors pushed the market capitalization of Tesla Inc. to $51.5 billion on Monday, surpassing that of General Motors Co.
#hybrid
Share
Bullish investors pushed the market capitalization of Tesla Inc. to $51.5 billion on Monday, surpassing that of General Motors Co.
The electric-car company’s shares peaked on Monday morning at $313.73, up 3.7%, before closing at $312.39, up 3.3% for the day. GM’s stock price closed at $33.97, up 26 cents to give the company a market cap of $50.2 billion.
Analysts say enthusiasm for the electric car company, which has never posted a profitable year, is based on emotion rather than actual performance fundamentals. “Tesla engenders optimism, freedom, defiance and a host of other emotions that other companies cannot replicate,” opines Alexander Potter at Piper Jaffray Cos.
GM is expected to post an adjusted profit of more than $6 billion this year. Tesla is projected to lose more than $950 million. Last year Tesla sold fewer than 1% as many vehicles as GM did. But experts say such figures make no difference to Tesla enthusiasts.
Tesla will face a key challenge this year as it begins to ramp up production of its first mass-market EV, the $35,000 Model 3. CEO Elon Musk has predicted the company’s output will zoom from about 80,000 cars last year to 500,000 by the end of 2018—an expansion in volume never before achieved so quickly by any carmaker.
RELATED CONTENT
-
On Military Trucks, Euro Car Sales, Mazda Drops and More
Did you know Mack is making military dump trucks from commercial vehicles or that Ford tied with Daimler in Euro vehicle sales or the Mazda6 is soon to be a thing of the past or Alexa can be more readily integrated or about Honda’s new EV strategy? All that and more are found here.
-
On Ford Maverick, Toyota Tundra Hybrid, and GM's Factory Footprint
GM is transforming its approach to the auto market—and its factories. Ford builds a small truck for the urban market. Toyota builds a full-size pickup and uses a hybrid instead of a diesel. And Faurecia thinks that hydrogen is where the industry is going.
-
Chevy Develops eCOPO Camaro: The Fast and the Electric
The notion that electric vehicles were the sort of thing that well-meaning professors who wear tweed jackets with elbow patches drove in order to help save the environment was pretty much annihilated when Tesla added the Ludicrous+ mode to the Model S which propelled the vehicle from 0 to 60 mph in less than 3 seconds.