Tesla's stock market value zooms past that of GM and Ford, combined

Tesla's stock has more than doubled in the past three months

For the first time, Tesla’s stock market value has eclipsed the combined values of General Motors and Ford Motor.

The Silicon Valley electric car maker's stock jumped nearly 5 per cent on Wednesday, closing at a record $492.14 per share and elevating its market capitalization to almost $89 billion, or $2 billion larger than the sum of General Motors' and Ford's respective market caps of $50 billion and $37 billion.

Fueled by a surprise third-quarter profit, progress at a new factory in China and better-than-expected car deliveries in the fourth quarter , Tesla's stock has more than doubled in the past three