Tesla is the most valuable US carmaker because of hope, not results
Editor’s note: We wrote this story last week when Tesla passed GM in market cap for the first time — but, because of fluctuations in the market, Tesla has again passed GM in valuation. It may keep happening. Regardless, the rest of our story still holds true.
This week, Tesla passed Ford and General Motors in market capitalization to become the most valuable American carmaker. Tesla’s stock price is on a tear, up nearly 42 percent since the beginning of the year to more than $300 per share, and the company is currently valued around $53 billion.
Tesla is still well behind huge foreign automakers like Daimler and Toyota, but the news of upstart Tesla (which also is making significant investments in non-automotive spaces like solar panels…