It may be a relative minnow when it comes to car sales but as far as share prices are concerned Tesla has become a titan of the US business community, with a surge in its share price briefly valuing the electric car maker as the country’s largest vehicle manufacturer, before quickly falling back again.
Tesla’s market capitalization surged to reach $51.17bn, leap-frogging industrial giant General Motors just one week after it eclipsed Ford on the back of promising sales figures which showed a record number of deliveries being made of the green vehicles.
Despite this Tesla remains just a drop in the ocean in terms of sales with just 76,000 cars being driven off the forecourt – in comparison to the millions of sales racked up by General Motors and Ford over the course of 2016.
Tesla is a loss-making manufacturer of luxury electric vehicles, accounting for a paltry 0.2% of the US market versus GM’s dominant 17.3%.
Despite these Lilliputian beginnings billionaire founder Elon Musk has promised to ramp up production to 500,000 by 2018.