Tesla has finally managed to get to the top and was declared to be America’s best car company after it managed to surpass even General Motors.
Elon Musk, company’s high-profile chief executive, must be really proud of Tesla, especially since its value has jumped up at $51.5 billion. The company surpassed Ford’s $44.6 billion last week, and now it even surpassed GM that’s valued at $50.2 billion. The company produced over 84,000 vehicles over the course of last year, and the starting price for each of them is $68,000
Tesla’s sudden rise in the economy of 2017 was explained by the promise of futuristic innovations, eco-friendly government tax credits, and a boom in financial banking. Tesla has become a goal for most drivers that can afford their prices.
However, the company still has problems, for example, they still can’t fulfill their mass-market ambitions, and are selling a lot less than they hoped for. Still, this new development has made Elon Musk one of the richest people in the country, and a few benefits, like another meeting with Donald Trump this Tuesday, and even the harshest of their critics admit that Tesla is pointing the way that further development will go.
Tesla has two models for sale (Model S that costs between $68,000 and $134,000 and the Tesla Model X, which starts at $85,000), and the third is expected to come out this year, at the cost of $35,000.
The car was described as a high-performance luxury car that has an electric engine, and that it can compete with Mercedes, BMW, and Lexus.
The jump in the company’s value has brought up the stock prices up to over $312 and is even expected to go to $368. Even though stock analysts recommend buying the Tesla shares, the president of Farr, Miller & Washington, Michael Farr, has said that such actions are absurd and he predicts that the company will lose money in 2018. Farr still keeps doubting Tesla and predicts its downfall.
Still, Tesla keeps on growing and expands to other fields, for example, it recently absorbed Musk’s Solar City company, and it’s slowly becoming a beyond-a-car company. It’s also exploring the batteries for energy coming from solar panels, and self-driving cars. Also, Musk’s outreach to the new US President Donald Trump has also helped in raising the price of the stock by 40% since January
Elon Musk is a 45-year-old South African-born Canadian-American business mogul that has created his fortune by selling PayPal to eBay for $1.5 billion back in 2002. He now has an estimated net worth of $14.8 billion. He’s well known for pursuing businesses that took him far away from his primary business, and he now develops solar batteries, Tesla cars and cities, and reusable space shuttles.
Many have admired what he did when it comes to Tesla cars and congratulated on “Putting together in such a short time a state-of-the-art manufacturing facility.”
There are still a lot of challenges for the company, like the driver’s fear that they’ll run out of power. Tesla’s cars can only go about 250 miles or less before they need to be recharged. Because of this, and several other reasons, many doubt the company’s ability to make money, and its future is still unknown.