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Business

Upstart Tesla elbows Ford aside in market value

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By Robert Hackwill
Upstart Tesla elbows Ford aside in market value

A seven percent jump in its share price means newcomer Tesla is now valued at more than the mighty Ford Motor Company.

Tesla only delivered some 78,000 electric cars last year, a tiny fraction of Ford’s output of 6.7 million, but sales are up 70% in the first quarter of this year and vehicle deliveries are hitting new records.

Tesla is now valued at 49 billion dollars, while Ford is at 46 billion.

Tesla is currently constructing the world’s biggest building in Texas, a huge battery factory
company founder Elon Musk hopes will bring down battery prices. He also launches his affordable Model 3 car later this year as he bids for the mass market.

Last month a Chinese investor bought a 5% stake in the company.