Tesla passes General Motors to become the most valuable US automaker
Tesla's market capitalization is now bigger than General Motors', making it the largest U.S. based automaker by that metric.
Investors are clearly betting on Tesla's potential, and are undeterred by factors such as Tesla's loss of $773 million in 2016, and the fact that it sells only a tiny fraction of the cars delivered annually by established competitors.
General Motors sold about 10 million cars in 2016 compared with Tesla's roughly 76,000.
Tesla has only had two profitable quarters in its history as a public company, while GM earned a profit of more than $9 billion last year.
Tesla shares rose more than 3 percent to reach a fresh all-time high of $313.73 in midafternoon trading Monday, after receiving the highest price forecast ever issued for the stock by an analyst at a major firm.
The stock closed up over 3 percent at $312.39 per share.
On Monday, PiperJaffray analyst Alexander Potter published a note upgrading his rating on the stock from neutral to overweight and raising his price target from $223 to $368. Source and more: http://www.cnbc.com/2017/04/10/tesla-passes-general-motors-to-become-the-most-valuable-us-automaker.html