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Tesla becomes most valuable US car maker, edges out General Motors

Tesla's rich valuation so far in 2017 suffered over $2 bn in paper losses as the stock rallied

Tesla becomes most valuable US car maker, edges out General Motors
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A Tesla Supercharger station is shown in Cabazon, California

Reuters San Francisco
For the first time in the era of the modern automobile, the most valuable US car maker is not based in Detroit.

Silicon Valley's Tesla Inc overtook General Motors on Monday to become the US car maker with the largest market capitalisation as the century-old automobile industry increases its reliance on software and cutting-edge energy technology.

That milestone is likely to be on the minds of Tesla Chief Executive Elon Musk and GM Chief Executive Mary Barra as they and other CEOs visit the White House on Tuesday to discuss tax reform and infrastructure with President Donald Trump.

Helped by an analyst's recommendation,