New York — Tesla Motors overtook top US automaker General Motors in market capitalisation Monday following an upbeat report by an investment analyst citing the electric carmaker’s "captivating" ability to stir investor and consumer enthusiasm. Near 2.30pm GMT, Tesla shares were up 3.1% at $311.93 for a market capitalization of $51.53bn, more than $1bn above GM. "More so than any stock we’ve covered, Tesla engenders optimism, freedom, defiance, and a host of other emotions that, in our view, other companies cannot replicate," Piper Jaffray said in a report moving Tesla to "overweight" in their recommendation. "As they scramble to catch up, we think Tesla’s competitors only make themselves appear more desperate," the report said. Tesla’s share price surge came on the heels of that positive analyst comment, but the landmark crossed Monday only concerns stock valuation. The story for revenue and real-world auto footprint is very different. Tesla last year sold 84,000 cars, generatnig $7...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.