Tesla overtakes giant Ford in market cap CHICAGO: Tesla on Monday became thesecond-largest US car maker in terms of market capitalization, displacing Ford, whose sales lagged amid concerns about the ability of the US market to keep growing.

Many major auto makers reported US sales declines in March compared to a year ago, but Tesla over the weekend said it saw a huge jump in vehicles delivered to consumers in the first three months of the year.

That was enough to send the electric car maker`s stock soaring Monday, even as investors punished major car brands for reporting lower-than-expected March sales.

Tesla said it delivered 25,000 of its high-tech vehicles in the January-March period a 69 per cent surge compared to the first three months of 2016 indicating it was on its way to meeting its goal of 50,000 vehicle deliveries by mid-2017.-AFP