Tesla’s record high of $488.67 rose more than 4 percent to $88 billion, surpassing the combined market capitalisation of Ford Motor Co ($36.5 billion) and General Motors ($49.3 billion). While Detroit automakers have made huge efforts in recent years to restructure their businesses and cut costs, and profits have hit record profits, Tesla has won big praise from Wall Street for its unprofitable profits.
Earlier, Musk congratulated the first Chinese-made car delivery, and traveled from the United States to Shanghai to attend the first delivery ceremony for the Tesla-made Model 3 to the public.
At the meeting, Musk announced the official launch of the Chinese-made Model Y project, and Tesla’s stock price continued its recent rally.
Tesla’s celebrations in China come as GM announces its full-year sales results for 2019. GM’s retail sales in China exceeded 3.09 million units in 2019, down 15 percent from 3.64 million units in 2018, the data showed.
Ford has yet to announce its sales in China in 2019. The company’s sales in China are expected to fall for the second year in a row last year because of the adverse effects of international trade tensions.