Apr 3, 2017

Tesla's market value overtakes Ford

Tesla's shares rose on Monday after the company announced record vehicle deliveries in the first three months of the year. The firm delivered more than 25,000 cars in the first quarter, up 70% on the same quarter last year. While Tesla's sales are growing fast they are still a fraction of Ford's, which sold almost 6.7 million vehicles in 2016. Investors are excited about the growth potential of Tesla. Tesla's founder, Elon Musk, hopes that by operating at that kind of scale his company can innovate faster and cut the cost of batteries by 30%. As well as supplying batteries for cars, the plant makes batteries for homes and businesses.

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