On the back of Tesla delivering a record number of vehicles in the first quarter, the electric automaker is now worth more than Ford.
According to Recode, Tesla’s delivery figures mean the company is valued at $47 billion, slightly more than Ford’s current $45 billion valuation. However, it is not just Tesla’s successful first quarter that accounts for this disparity, Ford also had a sluggish first quarter.
As a matter of fact, the carmaker’s sales fell by 7.2 per cent year over year and in March, it sold just under 236,500 vehicles in the USA, well short of last year’s record result where 255,000 vehicles were sold in the same month.
Despite Tesla’s huge worth, Elon Musk’s company is still consistently losing money and in 2016, had $7 billion in revenue compared to Ford’s $152 billion. Nevertheless, continued faith in Tesla will be important for the company as it prepares to launch the entry-level Model 3 in coming months and significantly ramp up production.
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