Tesla passes Ford in market value; the EV maker is valued $47 billion compared to Ford’s $45 billion
American EV manufacturer Tesla has passed another US-based auto giant Ford in market value. Tesla is currently valued $47 billion compared to Ford $45 billion. With this success, Tesla is the most valuable car company in America right after the top position holder General Motors.
Tesla’s stock increased by nearly 6% on Monday, which marked an all-time high after the EV manufacturer reported strong sales of Model S and Model X cars. On the other hand, Ford’s share declined 3% after the car manufacturer experienced a sluggish sales result in March this year. But even while Tesla has seen this success, the company is consistently losing money and in last year, it fetched only $7 billion revenue compared to Ford’s $152 billion.
However, it seems that the investors are keeping faith in Tesla and its futuristic approach towards the environment friendly mobility. They want something which will go up further in order of magnitude in next half decade, and Tesla is promising that with its future plan. This certainly helped the brand to earn faith of the investors leading to the surge in stock.
Currently Tesla is working on its latest car Model 3, which will be a more affordable version of the Model S, as Tesla boss Elon Musk has said. The car is also an important part of the brand’s global expansion plan. The American EV manufacturer plans to set up new production plants, and India could play a vital role if the Model 3 gets desired success in the country market.
Tesla is ready to start the production of the Model 3 from July this year. The company has a very ambitious plan to beat the BMW and Mercedes Benz in US market with ramped up production of its most affordable car. Tesla boss Elon Musk has already revealed that his company is targeting the Mercedes Benz C Class and BMW 3 Series with Model 3. The EV maker plans to increase Model 3’s production to 5,000 units per week by the end of this year.