Tesla (TSLA) has zoomed past both Ford (F) and General Motors (GM) to become the largest automaker in the US. You can see the meteoric rise for Tesla (TSLA) in the market cap comparison chart below.
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Tesla (TSLA) is not only larger than the two main US automakers, but it’s also larger than many of the international automakers that you’re familiar with as well. Toyota (TM) is by far the largest company in the table below, but Tesla (TSLA) is in spitting distance of the three German automakers — Daimler (DAI), Volkswagen (VLKAY), and BMW.
Up until recently, Tesla (TSLA) was always viewed as a car company first and foremost. Within the last year or so, however, the narrative has changed. The standard view now seems to be that Tesla is really a Tech company that happens to manufacture cars (among other things). It’s much easier to justify Tesla’s market cap and valuation when you view it as a Tech company versus comparing it to blue-chip US automakers like Ford or GM.