Tesla Auto Industry has overthrown General Motors as the most valuable car in United States.
Tesla’s market cap briefly passed General Motors’ on Monday, making the electric-car maker the most valuable in America.
Tesla’s shares opened at above $313 per share after Piper Jaffray raised its target on the shares to $368 from $223, indicating that its analysts expect the stock to gain about 21% from Friday’s closing price.
According to Bloomberg, as of 9:35 a.m. European Time, Tesla’s market cap was $51 billion, nearly $2 billion more than GM’s.
Tesla’s shares sky rocketed after the company made record car deliveries in the first quarter, better than analysts had expected. Deliveries jumped 69% year-over-year to 25,000 vehicles.
At the same time, the shares of the acclaimed Big Three automakers — GM, Ford, and Fiat Chrysler — slumped after they reported March sales that were weaker than forecast.