It’s official: Tesla is now the second most valuable car company in the US. The electric vehicle manufacturer headed by Elon Musk, set a new record in the first quarter by delivering 25,000 vehicles.
The company’s stock surged nearly 6% on Monday to an all-time high after reporting strong sales of its Model S and Model X vehicles. In comparison, Ford's shares sank 3% following a weak sales report for March.
Giving another major US auto maker a reason to panic, Tesla also inched closer to GM, whose stock fell 4%, citing high inventories and failing to meet its sales forecasts. Now, Tesla is just a billion behind GM's $50.9 billion market cap. Shares of GM and Ford are now both lower for the year, while Tesla's stock has soared more than 35%.
As Tesla enters its 14th year, it’s uncertain if the company will continue to beat other automakers in terms of market value. Tesla’s ambitious goals include aiming to deliver 50,000 cars in the first half of this year and 500,000 cars by the end of 2018. The company also has plans to build at least three more Gigafactories later this year.
Though Tesla may be beginning to hit its stride, the company has a history of missing deadlines, and unlike Ford or GM, is still losing money. Last year Tesla posted a loss of $773 million last year and expects to report losses for the rest of 2017.
Musk remains undeterred by his company's losses as Tesla looks forward to its upcoming Model 3 car, which could help make Tesla much more accessible to the average consumer. Anticipated for release later this year, the Model 3 should cost roughly $35,000.
Joining tech giants that have committed to 100 percent renewable energy, Lyft will be investing millions into various sustainable projects to make all of their rides carbon neutral.
Based on a survey from New York City's Health Department, the city has seen drops in greenhouse gas emissions and the air quality is as clean as it's been since monitoring it back in 2008. It's all part of Mayor de Blasio's sustainable efforts from 2015.
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The UK's National Grid announced that no London power stations used coal for energy production for a span of 55 hours from late Monday into early Thursday morning. It beats the old record of just over 40 hours from last October, and wind power levels continue to impress.