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Tesla Surged Past GM to Become the Most Valued Automaker in America
Billionaire Elon Musk has invested much of his time in companies that progress humanity towards a sustainable energy future. His work in SpaceX, SolarCity, and chiefly Tesla, has proven how well-intentioned initiatives can thrive in the economy, especially in light of an upcoming launch.
The excitement surrounding Tesla’s upcoming Model 3 isn’t just shaking up social media, it’s also dramatically hitting the U.S. Stock Markets. The environmentally friendly automaker has been gearing up for its next launch strategically, by offering risk-reduced public stock in the company.
All that effort looks as though it is paying off. Tesla skyrocketed towards the top of the auto industry as determined by market cap, making numbers comparable to General Motors (GM). On Monday morning, Tesla briefly surpassed GM’s market with $51 billion, $2 billion more than GM’s at the time. However, Tesla quickly lost its edge, and as of Tuesday morning the two companies were essentially neck-and-neck at around $51 billion, with GM slightly ahead.
Tesla’s shares have risen considerably since last December, with shares increasing by over 40 percent to today’s value of $306.69 per share. However, holding Tesla up against other car manufacturers is not really a one-to-one comparison, as Tesla does much more than just manufacture and sell cars. Tesla’s numbers also look especially good because some of the largest automakers in the industry, such as GM, Ford, and Fiat Chrysler, have felt stagnated sales in their first quarter.
While Tesla has its fingers in a number of pots, it likely owes much of its current success to the model 3.
The post Tesla Surged Past GM to Become the Most Valued Automaker in America appeared first on Futurism.