Tesla Inc. TSLA passed by Ford Motor Company F and General Motors GM in combined market value Wednesday, pushing the electric autoaker's market value to nearly $89 billion.
This comes after a series of achievements; Tesla posted surprise profits last quarter, said its Model Y would launch months ahead of schedule and delivered the first Model 3 vehicles built at its Shanghai factory.
Musk may soon reap the fruits of his labor with a pay package that is structured to net him over $50 billion if his self-imposed $100-billion market value milestone is met.
In an exclusive interview last November, ARK Invest’s CEO Catherine Wood told Benzinga her firm has a $6,000 price target on Tesla. Battery costs, artificial intelligence, and autonomous driving capabilities are helping the company emerge as an industry leader, she said.
For Tesla to reach a $100-billion market value, the stock would have to climb over $554.80, according to Bloomberg.
Tesla stock was trading up 5.49% at $494.82 at the time of publication Wednesday.
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Photo courtesy of Tesla.
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