TESLA THE BATTERY AUTOMOBILE MAKER STOCK VALUATION SOARS PAST THE OLD DETROIT CAR MAKERS FROM GM TO FORD AS TESLA IS NOW WORTH $50.9 BILLION - EVENTHOUGH ONLY SELLING 76,000 VEHICLES

Tesla, the electric carmaker, briefly became America’s most valued auto manufacturer last week when a surge in its share price saw it roar past General Motors. When the stock market closed last Monday, the market value of Tesla (which sold about 76,000 vehicles in 2016) hit a whopping $50.9bn – $64m more than GM (which sold nearly 9.6m vehicles). It had already overtaken Ford earlier in the month.
The punchy valuation for a loss-making manufacturer has divided the investment community and sparked some head-scratching among car-sector stalwarts. Tesla’s elevated profile with investors has brought both acclaim and a new level of scrutiny.
Despite the soaring share price, a group of investors last week questioned the independence of Tesla’s board, warning it was too close to charismatic co-founder and chief executive Elon Musk. In a letter, they said the board was “largely unchanged” since the company floated and was at risk of “groupthink”.
The shareholders include the California State Teachers’ Retirement System, Hermes Equity Ownership Services and CtW Investment Group, among others, collectively managing assets worth $721bn (£575bn).
In a letter to Tesla’s lead independent director Antonio Gracias, they called for it to re-elect members annually and to add two new independent directors to the board. The investors want Tesla to review its governance before launching its Model 3 saloon later this year – its first vehicle aimed at the mass market, costing around $35,000.

https://www.theguardian.com/business/2017/apr/15/tesla-electric-cars-sparks-fly-wall-street-valuation