Tesla are on a winning streak that looks like it simply can’t be beaten.
Elon Musk’s electric car company has outdone itself this year, surpassing Ford in market value.
With Tesla’s Model 3 sedan set to be released very soon, combined with impressive sales figures for the past few months, share prices for the company hit record highs on Monday (April 3rd).
Tesla’s stock climbed as much as 5.7 per cent to $294.15, giving it a market capitalisation of $47.92 billion – higher than Ford Motor’s $46.27 billion value and just below General Motor’s value of $48 billion, at their Monday session highs.
Tesla said on Sunday it delivered a record 25,418 vehicles in the quarter ended March, a 69 per cent increase from last year and edging past Goldman Sachs’ forecast of 23,500 vehicles. (Sc. Irish Times).
Now that Tesla is officially worth more than Ford, which has for decades been seen as a stalwart of the automobile industry, could this mean that a shift towards clean energy is in sight?
Apparently so. CNN gleefully reported that GM (General Motors) will be the next automotive giant to fall to the might of Musk’s machine.
It was record sales which pushed Tesla’s shares towards hitherto unseen levels, while Ford’s recall of a run of F-150 pickup trucks resulted in a 7% loss for the first quarter of 2017.
According to TechCrunch: “Tesla’s stock has been steadily gaining value since the latter weeks of 2016. It’s now trading at an all-time high of $291.54, up from $181 in the early days of December 2016.” The company stated on Sunday that they had delivered approximately 13,450 Model S cars and around 11,550 Model X SUVs in the last few months.
The upcoming model 3 is set to cost just $35,000, which is almost half the price of any current model. According to AP “It will also be simpler and easier to make, with more automation during production. Analysts say the Model 3, possibly along with other new vehicles including a small SUV, could significantly increase Tesla’s sales volumes.”