Electric vehicle manufacturer, Tesla, beat a lot of estimates by setting a new record in the first quarter after delivering 25,000 vehicles.
With a market cap of $47 billion, the 14-year-old company, led by Elon Musk; is now worth more than its much older automobile rival Ford at 113 years and with a market cap of $45 billion.
In March, Ford posted its best month of sales in a decade, with sales of about 255,000 vehicles, but since the past month, it has only managed a little under 237,000 vehicles. Analyst had predicted a 5 percent drop in sales though Ford saw record sales of its Escape vehicles.
Tesla is still quite the underdog, however, in 2016 it made $7 billion dollars in annual revenue which is no March for Ford’s $152 billion. The electric vehicle manufacturer also lost $773 million last year alone.
The record-setting deliveries certainly put Tesla in league with large scale manufacturers like Ford as Tesla is set to commence production on the Model 3, its first mass-market vehicle.
The company has already set plans to build at least three more Gigafactories this year and Tesla is aiming to deliver 50,000 cars in the first half of this year and 500,000 cars by the end of 2018.