Tesla Edges Out GM to Become Most Valuable U.S. Car Maker

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Reuters.com

For the first time in the era of the modern automobile, the most valuable U.S. car maker is not based in Detroit.

Silicon Valley's Tesla Inc (TSLA.O) overtook General Motors (GM.N) on Monday to become the U.S. car maker with the largest market capitalization as the century-old automobile industry increases its reliance on software and cutting-edge energy technology.

That milestone is likely to be on the minds of Tesla Chief Executive Elon Musk and GM Chief Executive Mary Barra as they and other CEOs visit the White House on Tuesday to discuss tax reform and infrastructure with President Donald Trump.

Helped by an analyst's recommendation, Tesla rose 3.26 percent to a record high of $312.39 on Monday. Its market value of $50.887 billion exceeded GM's by about $1 million.

Over the past month, the luxury electric car maker has surged 35 percent as investors bet that Musk will revolutionize the automobile and energy industries.

Posted in: Consumers, General Info

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