Tesla becomes most valuable US car maker, edges out General Motors

For the first time in the era of the modern automobile, the most valuable US car maker is not based in Detroit.
Silicon Valley’s Tesla overtook General Motors on Monday to become the US car maker with the largest market capitalisation as the century-old automobile industry increases its reliance on software and cutting-edge energy technology. That milestone is likely to be on the minds of Tesla Chief Executive Elon Musk and General Motors Chief Executive Mary Barra as they and other CEOs visit the White House on Tuesday to discuss tax reform and infrastructure with President Donald Trump. Helped by an analyst’s recommendation, Tesla rose 3.26 percent to a record high of $312.39 on Monday. Its market value of $50.887 billion exceeded General Motors’ by about $1 million.