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Tesla Is Now Worth More Than Ford Motor Company

By Koty Neelis

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 few 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%.