Investors have a lot of confidence in Tesla to make good on its promises. Yesterday, the company announced that it delivered 25,000 vehicles in the first quarter of the year. After the announcement was made, Tesla’s stock went up by as much as 5.8 percent. According to Bloomberg, the company’s market value was as high as $48.2 billion at one point, or $3.1 billion more than the market value of Ford.

Tesla is now worth more than the second biggest automaker in the US. Which is strange when considering that Ford sold 6.7 million cars last year, while Tesla only delivered around 75,000 vehicles. There’s also a big difference between the two companies when it comes to revenue. In 2016, Ford’s revenue was $151.8 billion, while Tesla’s was a lot less — $7 billion.

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Having a record-breaking quarter is just one of the many reasons for Tesla’s high valuation. The company’s stock also went up recently thanks to the large $1.7 billion investment by the Chinese tech giant Tencent. A lot of other investors are also optimistic about the company’s future, mainly thanks to the upcoming Model 3, which should significantly increase Tesla’s sales numbers as well as revenue.

It’s interesting to see how fast things in the car industry are changing these days. Who would have thought that a company producing EVs will be worth more than a company like Ford, which has been manufacturing cars for over 100 years.

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