After Surging Past Ford, Tesla Just Overtook GM to Become the Top U.S. Carmaker
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Elon Musk’s Tesla Inc. surpassed General Motors Co. to become America’s most valuable carmaker, eclipsing a company whose well-being was once viewed as interdependent with the nation’s.
Tesla climbed as much as 3.7% in early Monday trading, boosting its market capitalization to $51 billion. The company was valued at about $1.7 billion more than GM as of 9:35 a.m. in New York and the two have jostled for the lead spot in subsequent trading.
The turnabout shows the extent to which investors have bought into Musk’s vision that electric vehicles will eventually rule the road. While GM has beat Tesla to market with a plug-in Chevrolet Bolt with a price and range similar to what Musk has promised for his Model 3 sedan coming later this year, the more than century-old company has failed to match the enthusiasm drummed up by its much smaller and rarely profitable U.S. peer.
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