Shares break $300 Tesla to become the No. 1 carmaker in US market capitalization

Tesla surpassed General Motors today to become the No. 1 automaker in the United States.

Today, Tesla's share price rose by 1%, breaking the 300-mark mark. This makes the company's total market value reach 52.7 billion US dollars, higher than the 48.6 billion U.S. market value of General Motors.

Tesla CEO Elon Musk said he expects the company to sell 500,000 vehicles next year. In contrast, the number of cars sold last year was tens of millions.

Jessica Caldwell, director of industry research at Edmunds, an automotive industry research firm, said: “If you look at the financial reports of different car companies, Tesla's market capitalization is higher than that of some old car companies. It seems absurd.”

Last year, Tesla sold 76,285 cars, while General Motors sold 10 million cars and Ford sold 6.65 million cars.

Wall Street heard this premise, Tesla this week announced the first quarter of this year, "brilliant" car sales performance.

In the first quarter of 017, Tesla delivered a total of more than 25,000 electric vehicles, a 69% increase from the same period last year (14,820), setting a quarterly best sales record, exceeding the market's expectations of 24,200 vehicles. Driven by this, Tesla has also created the second-highest quarterly profit in history and is expected to complete the goal of delivering 50,000 cars in the first half of this year.

Specifically, Model S delivered approximately 13,450 vehicles and Model X delivered 11,550 vehicles. In the first quarter of fiscal year 2017, Tesla actually produced 25,148 vehicles. The strong sales during the quarter were mainly due to the significant increase in sales of the Model X.

Strong car sales also boosted investor confidence in the up-to-date launch of the Model 3. Tesla said in its fourth fiscal quarter and full-year financial report for 2016 that Model 3 is expected to begin production in July this year, and volume production will begin in September.

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