 has a larger market value than industry giant Ford (NYSE:F), after shares rose 7 percent on the news of record vehicle delivery figures.){kind=link}
Electric carmaker Tesla (NASDAQ:TSLA) has a larger market value than industry giant Ford (NYSE:F), after shares rose 7 percent on the news of record vehicle delivery figures.
At close of trade on Monday Tesla had a market value of $49 billion, higher than compared Ford’s value of $46 billion. Currently shares are trading up 7.27 percent at 298.92 (1102GMT). Conversely, Ford’s shares have fallen on the news, down 1.72 percent to 11.44.
The change comes just after the announcement that Tesla beat expectations by delivering just over 25,000 cars in the first three months of the year, a 70 percent increase on the same quarter last year.
Analysts had expected a figure of between 23,000 and 24,000, after Tesla took a production hit in the last quarter. The figure puts the company on the right track to deliver their target of 50,000 cars in the first half of 2017.
The move is remarkable given Tesla’s relatively new entrance to the market. The company was founded in 2003 by Elon Mush and sold just 76,000 cars last year, compared to Ford’s 6.7 million.