Tesla shares hit record high as rally gathers pace: Electric car maker now worth more than Ford and General Motors combined
Shares in Tesla breached $500 (£385) for the first time after it made record deliveries and pushed into China.
The milestone gives the electric car maker led by Elon Musk a market capitalisation of about £69billion, compared to Ford’s £28billion and General Motors’ £38billion.
It also capped a phenomenal rise in Tesla’s shares over the past seven months. The stock was trading at a three-year low of $177 in June, but has since rallied by more than 180 per cent.
Electric car maker led by Elon Musk (pictured) now has a market capitalisation of about £69bn, compared to Ford’s £28bn and General Motors’ £38bn
It means someone who invested £1,000 seven months ago would have about £2,800 now.
Tesla revealed it made a record 112,000 car deliveries in the last three months of 2019, taking its annual total to 367,500.
That amounted to a 50 per cent increase on the previous year.
The company has also opened a factory in Shanghai and is ramping up deliveries in China and Europe of its flagship Model 3.
Tesla booked an unexpected third quarter profit of £111million in October, only the fifth time in its 17-year history it had reported being in the black.
It is due to report its full-year results for 2019 later this month.