Tesla's market value zooms past that of GM and Ford - combined
Fueled by a surprise third-quarter profit, progress at a new factory in China and better-than-expected car deliveries in the fourth quarter, Tesla’s stock has nearly doubled in the past three months.
Underscoring investors’ confidence in Musk and his company’s future growth, its market capitalization has outpaced its U.S. rivals, even as their businesses dwarf Tesla’s. GM and Ford each delivered more than 2 million vehicles in the United States last year, compared with Tesla’s worldwide deliveries of 367,500 vehicles.
The company has repeatedly missed targets in recent years and Musk’s mercurial behavior has come under close scrutiny from financial regulators and shareholders of Tesla. FILE PHOTO: Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. REUTERS/Aly Song
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