Tesla is on quite a roll.
Elon Musk’s electric vehicle manufacturer saw its market capitalization surge to $50.9 billion Monday, surpassing General Motors as the most valuable automaker in the United States, according to Bloomberg. The news comes just a week after Tesla surpassed Ford as the second-most valuable automaker in the U.S.
In addition to closing the day valued at roughly $64 million more than GM, Tesla reportedly moved within $1 billion of Honda, which would make it one of the top five automakers worldwide.
Despite beating Tesla to the affordable-EV punch with the Chevrolet Bolt, GM apparently hasn’t sparked the same enthusiasm Tesla has among consumers and investors.
“Tesla engenders optimism, freedom, defiance, and a host of other emotions that, in our view, other companies cannot replicate,” Aleander Potter, an analyst at Piper Jaffray Cos., said Monday, via Bloomberg. “As they scramble to catch up, we think Tesla’s competitors only make themselves appear more desperate.”
Interestingly, GM on Monday revealed Super Cruise, a semi-autonomous feature which could be viewed as the company’s counter to Tesla’s Autopilot.
Thumbnail photo via Flickr/Duncan Rawlinson