Tesla passes GM to become America's most valuable carmaker

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Elon MuskREUTERS/Beck Diefenbach

Tesla's market cap briefly passed General Motors' on Monday, making the electric-car maker the most valuable in America.

Tesla's shares opened at an all-time high above $313 per share after Piper Jaffray raised its target on the shares to $368 from $223, indicating that its analysts expect the stock to gain about 21% from Friday's closing price.

As of 9:35 a.m. ET, Tesla's market cap was $51 billion, nearly $2 billion more than GM's, according to Bloomberg.

Last week was Tesla's second-strongest of 2017. Shares jumped last Monday after the company said it made record car deliveries in the first quarter, better than analysts had expected. Deliveries jumped 69% year-over-year to 25,000 vehicles.

At the same time, the shares of the so-called Big Three automakers - GM, Ford, and Fiat Chrysler - slumped after they reported March sales that were weaker than forecast.

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