Tesla has become the most valuable car company in the US

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The share price of the company founded by Elon Musk reached $ 298 per unit, giving the electric car maker a capitalization of $ 53 billion, over the capitalization of $ 51 billion of General Motors.

Tesla was still the most valuable car company in the United States by capitalization, but General Motors shares have grown significantly in recent times.

During the transactions, the shares increased by up to 21%, and their price exceeded $ 300 per unit for the first time after March 1st.

Tesla delivered 97,000 vehicles in the third quarter, only 2% more than the previous quarter.

Data above expectations triggered a surge in sales of short-term speculative investments of investors, which recorded losses of $ 1.4 billion on Thursday. These losses led to the elimination of 70% of the profits obtained in 2019, according to the financial analysis firm S3 Partners.

Despite strong growth on Thursday, Tesla shares fell 10% this year.

Tesla’s junk bonds, due in August 2025, were up 0.03 percentage points as a result of the company’s expectations so that their yield dropped to its lowest level in March 2018.

At least eight brokerage firms have raised their target prices for Tesla shares, while the average rating of the company on Wall Street is still “holding”, with only 11 of 34 analysts recommending the acquisition of shares.

Tesla reported a $ 5.3 billion increase in cash balance and a $ 1.86 earnings per share, exceeding analysts’ expectations, predicting a loss of 42 cents per share.

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