When it comes to market value, Tesla now has Ford and GM in its rear view mirror!
The electronic car maker run by Elon Musk is now the No. 1 auto maker in the U.S. based on market capitalization.

Last week, Tesla passed Ford and General Motors in market capitalization to become the most valuable American car maker. Tesla's stock price is on a tear, up nearly 42 percent since the beginning of the year.

Shares of Tesla surged after setting a quarterly record by delivering 25,000 vehicles during the first quarter. The deliveries were up 69% compared to a year ago.

The company told investors in a recent letter that it expects to hit a production rate of 5,000 Model 3 vehicles per week "at some point in the fourth quarter" and 10,000 per week "at some point in 2018."

The basic version of the Model 3 vehicle is expected to cost less than $30,000 after tax credits, although most early versions sold to consumers will have more expensive options.

Chinese tech giant Tencent Holdings has accumulated a 5% ownership stake in American electric vehicle maker and renewable energy firm Tesla.

Tencent, a conglomerate with broad assets in gaming, social media and online entertainment, disclosed in a public filing that it had purchased about 8.17 million shares of Tesla.

The company made the $1.78 billion investment during Tesla's stock offering earlier this month and through open-market acquisition of shares, according to the filing. Tesla raised up to $1.4 billion during the offering to help fund assembly of its mass-market Model 3 vehicle and pay other costs.

At more than $300 billion, Tencent's market capitalization recently surpassed the value of Chinese e-commerce giant Alibaba.
Kelly Richmond