Tesla crosses $80 billion in market value, adds $48 billion in just 7 months

Billionaire Elon Musk-led Tesla crossed $80 billion in market value on Friday after the electric carmaker beat analyst estimates for annual vehicle deliveries. The Silicon Valley company added $48 billion to its market cap in just 7 months as its shares surged 150%. It is now worth $28 billion more than General Motors and more than twice of Ford.

Tesla delivered approximately 367,500 vehicles during all of 2019, just meeting the low end of its target to deliver 360,000 to 400,000 vehicles in 2019.

Tesla shares were up as much as 5.5% at $454, touching a record high.

The stock has had a strong run in recent months after posting a rare profit in the latest quarter and news of China ramp up. With a market valuation of more than $80 billion, Tesla is far outstripping those of traditional carmakers General Motors and Ford Motor.