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As of today, Tesla‘s market value has surpassed that of Ford’s, further inching closer to GM. Shares are now at $304 USD, as the electric car maker is currently worth $49.3 billion USD, in comparison to GM’s $51.3 billion USD.

This makes Tesla the second most valuable car company behind GM, while Ford comes in at number three with a market cap of $44.3 billion USD.

Tesla’s stock is up 22 percent over the past year and has risen 41 percent since the start of 2017.

“Let’s remember, Ford makes money – a lot of it. Tesla has yet to turn a profit. Tesla’s investor base includes speculators, many of them betting it will be bought,” Michelle Krebs, executive analyst at Autotrader, stated in an email.

“The real test is coming for Tesla when it launches the Model 3, which is intended to be a high-volume mainstream-priced electric car and the vehicle that is supposed to push Tesla to profitability.”

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