Tesla, the world’s largest electric car making giant, is now the second most valuable car maker in the United States. The electric car maker has overtaken Ford Motors and now only General Motors is before Tesla. On Monday after the automaker reported strong sales of its Model X and Model S cars, the stock of the electric car making giant surged almost 6% to an all-time high.
Ford shares decline 3% while Tesla share surge nearly 6%
After a weak sales report for March, the shares of the Ford Motors dropped 3%. Because of the decline in shares, the market value of the automaker is now about $45 billion. The shares of Tesla, however, ramped up 6% and its market value climbed to almost $48 billion.
Due to the surge in its stock value, the electric car maker inched closer to General Motors, whose stock dropped 4%. General Motors reported both a sales increase, which was well below forecasts, and higher inventories. The market value of the automaker is $50.8 billion now. In addition to General Motors, the electric car making giant is also inching closer to the Japan-based automaker Honda, which has a market value of around $54 billion.
Shares of Ford and GM are both now lower for the year whereas the stock of Tesla Motors has soared more than 35%. The electric car maker does not sell as many cars as Honda, General Motors, Ford Motors or other automakers like Volkswagen, Toyota, and Fiat Chrysler. On Sunday, the electric car maker said that it sold around 25,000 of its Model X and Model S cars across the world in the first quarter. In the United States alone, Ford sold more than 617,000 cars whereas in the first three months, General Motors sold around 690,000 trucks and cars.
Musk mocks traders after Tesla stock surge
In a regulatory filing last year, the automaker said that it had received around 373,000 pre-orders for the Model 3, which is starting at $35,000. The automaker has not updated those figures yet. Elon Musk, the Chief Executive Officer of the electric car maker, took a swipe at short sellers and traders on Monday after the company reported a surge in company’s stock.
The CEO mocked saying that the electric car making giant is on a road to ruin. On Sunday, after better-than-expected quarterly car deliveries hiked the stock of the automaker nearly 5.8%, Musk tweeted on the social media, “Stormy weather in Shortville…”
The automaker said that it delivered a record of 25,418 cars in the quarter, which ended in March. The figure is a 69% increase from last year and edges past the forecast of Goldman Sachs of 23,500 vehicles.