Tesla Motors is now the most valuable automobile company in the US after its shares soared past GM earlier this week.
As of Monday, shares of the electric car maker topped at US$312.39, and its market capitalisation is now valued at US$51.53 billion, surpassing its Detroit-based rival by US$1 billion.
This marks Tesla the first full-electric car company to take the lead in market capitalisation in the US.
And yet, the Silicon Valley-based company is only a fraction of the size of its competitors. It’s also a relatively new player in the automobile market, having only shipped 70,000 cars last year.
With Tesla taking the crown from GM as most valuable car maker, It’s a good indication that the automobile industry is shifting into high gear towards renewable energy.
It also helps that Tesla is run by a real-life Tony Stark who’s highly committed in leading humanity into a new age of energy with his electric cars and solar panels business (as well as taking us to Mars with his private space programme).
Tesla’s flagship cars include the Model S sedan and Model X, the company’s SUV line. The firm will begin production of the Model 3, its compact luxury sedan, later this year.
Tesla cars are known for their bevy of highly-advanced tech, from the industry leading 100 kWh battery pack powering the vehicles right down to the futuristic centre-mounted touchscreen dashboard.
The company has deployed over 800 charging stations for its vehicles, called “Superchargers”, across the US, Europe, UAE, China, Japan and Australia.
In case you’ve been living under a rock, click below to see why Tesla’s electric cars are awesome: