The electric-car maker hit a market value of $50.84 billion on Monday, edging past GM (GM) at $50.79 billion.
It's another milestone for Tesla (TSLA), which passed Ford (F), valued at about $45 billion, last week. And Tesla is inching closer to Japan's Honda (HMC), which has a market value of about $54 billion. Toyota, the most valuable car company in the world, is three times as big.
Tesla loses money, and it sells a small fraction of the cars of its much older competitors. Tesla sold about 25,000 of its Model S and Model X cars in the first three months of the year, compared with 690,000 cars and trucks for GM and 617,000 for Ford.
Related: Tesla is worth more than Ford
But investors are optimistic, in part because of Tesla's upcoming Model 3 car. At $35,000, the electric car will cost less than the Model S and Model, and could help make the brand more accessible to middle-class shoppers.
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