The electric vehicle manufacturer has set a new record in the first quarter of the year and beat Ford in the process.
By delivering 25,000 vehicles in the first quarter of 2017, Tesla has set anew record.
With this achievement, the company, led byElon Musk, is now worth more than Ford!
According to Recode, the 14-year-old electric company, with a market cap of $47 billion, has beat the 113-year-old Ford, who has $45 billion.
While Tesla is exceeding expectations, the older auto maker seems to doing poorly, thus sending its stock down recently.
In March, sales dropped by 7.2 percent this year, which is terrible when compared with last March, when about 255,000 vehicles were sold, making March, 2016 its best month of sales in 10 years!
Despite Tesla’s recent win, it is important to note that the electric car maker made $7 billion in annual revenue and lost $773M in 2016 while Ford made almost $152 billion last year.
Concerning future plans, Musk has been vocal about delivering fully self-driving cars as soon as possible, while Ford is playing the long game.
Recently, he said, “I think it would be morally wrong to withhold functionalities that improve safety simply in order to avoid criticisms or for fear of being involved in lawsuits.
We see significantly better [results] with autonomy than without. That just gets better over time as the system is further refined.”
To anyone who discourages the use of autonomous technology, he said, “If you’re writing an article that’s negative that essentially dissuades people from using [autonomous tech], you’re killing people.”
Unlike Musk, Ford CEO, Mark Fields, is working towards producing highly or fully autonomous vehicles by 2021.
Source – pulseng