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Tesla’s market value overtakes Ford

Tesla’s market value has overtaken that of Ford after shares in the electric car maker added more than 7%. At the close of trading Tesla had a market value of $49bn (£38bn), compared with Ford’s value of $46bn. 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. Tesla delivered 76,000 electric cars last year. However, investors are excited about the growth potential of Tesla. This year it plans to start selling a cheaper car in the US, the Model 3, which it hopes will have mass market appeal.