Tesla passes GM to become America's most valuable carmaker
REUTERS/Beck Diefenbach
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.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- From underdog to superfood: Have millets finally managed to make a comeback?
- 7 Things to do on your next trip to Rishikesh
- RBI bars Kotak Mahindra Bank from onboarding new customers via online, issuing fresh credit cards
- GIGABYTE AORUS CO49DQ 49-inch QD-OLED 144Hz curved gaming monitor launched in India
- Sensex, Nifty climb on firm trend in global markets