After months of outstanding performance in the stock market, Tesla, the company most responsible for popularizing the electric vehicle, is now worth more than Ford and General Motors together.
The closing price limited a three-month increase in which Tesla shares have exceeded the S&P 500 index more than ten times, doubling their value in the process.
Monday’s recovery came after Oppenheimer analysts reviewed their target price for Tesla from $385 to $612. The price increase of more than 40% is attributed to the “key advantages” of the giant EV in the design of the powertrain, battery technology, and consumer enthusiasm among other factors.
Its latest valuation is also almost 10 billion more than Ford’s maximum cost of 80.8 billion in 1998, although that would be the equivalent of approximately 124 billion today. Tesla’s growing valuation is excellent news for the controversial CEO of the company, Elon Musk.
Now, Tesla values 100 billion dollars, GM 49.99 billion, and Ford’s is at 36.52 billion. All these numbers come from YCharts.com.