Electric car company Tesla made history of a different kind Wednesday when a pop in its stock gave the company a higher stock market value than General Motors and Ford combined.
Conway G.
Gittens has the details.
Tesla CEO Elon Musk has something else to shake his groove thing about... one day after a video showing his dance skills went viral.... A rally in shares of Tesla to record highs on Wednesday - handed the electric car maker - - for the first time ever - a bigger stock market value than General Motors and Ford combined.
Tesla was worth roughly $85 billion on the stock market compared to roughly $50 billion for General Motors and nearly $37 billion for Ford.
The milestone highlights the bumpy, yet meteoric rise of Tesla as the poster child for electric car technology.
Both GM and Ford have storied histories that stretch back more than 100 years, and even though sales at both companies far eclipse that of Tesla, investors are betting it's Tesla that holds the key to the auto industry's future.
Tesla shares are on fire: fueled by a surprise third-quarter profit, progress at a new factory in China, and better than expected car deliveries in the fourth quarter.
The stock is up 180 percent over the past 6 months - in that same period GM shares are up slightly, while Ford shares are down.
But Musk still has his doubters - who worry if Tesla can consistently deliver on sales, and production targets after years of missing expectations personally hyped by the erratic CEO.
There are more analysts on Wall Street right now who rate Tesla as a sell than buy - but investors aren't taking that advice -watching the stock break records in the new year.
Tesla has long been tipped to be readying a budget-friendly 'Model 2' electric car
EV maker last week confirmed plans to..