The price of Tesla shares jumped about 3% on Monday amid a positive upgrade by analysts. The market value of Tesla exceeded the capitalization of General Motors (NYSE: GM), making Tesla the most expensive carmaker in the US.
The capitalization of Tesla amounted to $ 51.4 billion, which is higher than the capitalization of GM ($ 50.4 billion). A week earlier, Tesla outperformed the capitalization of Ford (NYSE: F), whose market value is estimated at $ 45 billion. It is noted that last year Tesla produced 76,000 cars and received a net loss of almost $ 675 million. At the same time, GM, one of the oldest automakers in the world, received last year a net profit of $ 9.43 billion and sold more than 10 million cars.
Thus, Tesla produced 76,000 cars last year, compared to a record number of GM cars (10 million vehicles) and 6.7 million Ford cars.
On the other hand, GM and Ford have a better balance sheet and a good profit history, while Tesla recorded profits in only two quarters and recently had to raise capital to support its growth.
The rise in Tesla's share price on Monday was triggered by the bullish report by Piper Jaffray, whose analysts changed Tesla's rating from neutral to above the market average, and raised the target price from $ 223 to $ 368.
Although these analysts drew attention to the ambiguous performance of the company, they insist that "Tesla products have an exciting impact on users and shareholders, and this advantage is hard to beat."
Shares (NASDAQ: TSLA) at the time of writing become more expensive by 3.02% to $ 311.68.
Tesla is an automaker based in the US that is mainly focused on manufacturing electric cars.