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Barely a week after Tesla exceeded Ford in market value, Elon Musk’s baby has now become more valuable to investors than General Motors.

Yesterday, value for Tesla reached an all-time high of around $50.9 billion, approximately $1 million more than General Motors. Tesla’s shares are now worth $312.39 each, a 35 per cent increase over their value just a month ago. What’s more, the electric automaker’s value now exceeds Ford by $7 billion and is around $15 billion more than where it sat throughout most of 2016.

Recently, Tesla announced that in the first quarter of this year, it delivered a record 25,000 vehicles. It has yet to release its financial results from the quarter but Business Insider suggests that when they are released, a more “rational outlook on the company’s valuation” may take hold.

Beyond its record sales figures, another possible reason to explain Tesla’s surging valuation are short sellers covering their positions following a tumultuous start to the year for those betting against the company’s future.

Based off Tesla’s current valuation, its market capitalization sits at the equivalent of $667,000 for every car it sold in 2016 and around $102,000 for every car it intends on producing in 2018. To put that into perspective, GM had a market capitalization of $5,000 per vehicle it sold throughout 2016.

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