Tesla has overtaken Ford to become the second-largest US car maker by market capitalisation, behind General Motors.
The electric car maker’s stock has surged 7.4% to an all-time high after reporting better than expected first quarter sales.
At the close of trading, Tesla had a market value of $49 billion dollars, compared with Ford’s value of $46 billion.
Ford’s sales have fallen behind amid concerns about the ability of the US market to keep growing.
Elon Musk has seen Tesla take the electric car to new heights in terms of desirability, with the introduction of the model 3.