Tesla is now more valuable than BMW

By Elliot Bullman

The shares of the company led by Elon Musk ranked as the fourth most important only behind Toyota, Daimler and Volkswagen.

Shares of Elon Musk's electric vehicle maker rose 1.4 percent last week, increasing its market capitalization by 61.6 billion dollars, about 400 million more than BMW.

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Tesla is now the fourth most valuable automaker, behind Toyota Motor, Daimler and Volkswagen.

Musk generated more enthusiasm for the shares this week by reaffirming that the Model 3 sedan, Tesla's most economical vehicle, will begin production on time in July and will be followed by a cheaper crossover that it expects will end up attracting more demand.

That vehicle, called Model Y, is scheduled to hit the market in late 2019 and will need its own assembly plant, the top executive said at the company's annual meeting on Tuesday.

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Tesla surpassed US rivals General Motors and Ford Motor in April for market capitalisation, a change in the rating the nation's largest auto dealer said was "inexplicable."

The company delivered less than 80,000 vehicles last year and has only reported two profitable quarters in its short history. GM, in comparison, sold more than ten million vehicles and expects to make more than nine billion dollars this year.

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