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Posts Tagged ‘Tesla worth more than GM’

AutoNation’s Jackson Rains on Tesla’s Valuation Parade

CEO claims GM is undervalued.

by on Apr.11, 2017

AutoNation CEO Mike Jackson (right) said today that Tesla was overvalued while GM was just the opposite.

Tesla stock is clearly overvalued while General Motors is undervalued, AutoNation CEO Mike Jackson said during an appearance at the annual Automotive Forum hosted by NADA J.D. Power the day before the New York International Auto Show.

While Jackson’s view is held by plenty of industry folks, at least one auto executive believes that Tesla’s current valuation is rooted in something substantial. Mark O’Neil, COO of Cox Automotive, noted that Tesla is changing consumer expectations of the automotive retailing experience.

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However, Jackson’s belief may be more rooted in the perspective that the traditional U.S. automakers are currently undervalued. He said today’s reality is that, “Gas is affordable as far as the eye can see.” (more…)

Tesla on Top, Now Most Valuable U.S. Automaker

"It's one of the strangest things I have ever seen."

by on Apr.10, 2017

Tesla CEO Musk can now afford a shirt with sleeves, as his stock soars to a new record.

Tesla is the new king-of-the-hill, after a week giving chase to long-time industry leader General Motors, the Silicon Valley upstart wound up narrowly squeaking into the lead, a nearly $51 billion market capitalization running just ahead of GM’s as trading on the New York Stock Exchange closed Monday afternoon.

Tesla had seemed poised for more than a week to take the lead, having already nudged past Ford Motor Co. earlier in the month. But Monday brought the Wall Street equivalent of a close horse race, GM and Tesla trading the lead almost by the hour. Finally, as the bell range, the EV maker had a closing stock price of $312.39, a $9.85 gain for the day, leaving it valued at $50.95 billion, while GM closed up $0.26 a share, at $33.97, with a market cap of $50.89 billion.

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The surge in Tesla’s market performance comes at a critical time for the Silicon Valley automaker, which little more than a month ago had warned its finances were “on the edge” as it continued its costly investment in the launch of the new Model 3. The midsize electric vehicle, Tesla’s first priced by the mainstream, is set to go into production in July.

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Tesla Tops GM, Could End Day as Most Valuable Automaker

EV maker continues to defy gravity.

by on Apr.10, 2017

Tesla's stock price appears to be all charged up as it rose another $10 in early trading, pushing the company's valuation past that of General Motors.

It could be a race to the finish – or at least the closing bell on Monday trading.

With Tesla’s stock price up as much as $10 a share during the New York Stock Exchange’s morning session, the automaker briefly surged ahead of rival General Motors to become the country’s most valuable carmaker based on market capitalization.

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With GM also in positive territory, however, it remains to be seen whether the upstart or the established automaker will wear the crown at the end of the day. Tesla has been in striking distance since last week when it surged past Ford Motor Co. to become the number two maker by value. (more…)