Tesla becomes top US carmaker

Elon Musk’s Tesla briefly surpassed General Motors to become America’s most valuable carmaker, eclipsing a company whose well-being was once viewed as interdependent with the nation’s. A week after topping Ford Motor, Tesla climbed as much as 3.7 per cent in early Monday trading, boosting its market capitalisation to $51 billion. The company was valued at about $1.7 billion more than GM as of 9:35 am in New York and the two jostled for the lead spot in subsequent trading.

The turnabout shows the extent to which investors have bought into Musk’s vision that electric vehicles will eventually rule the road.