10 June 2017, India:
Elon Musk-led Tesla is having a great run as it surpassed the automobile giant BMW to become the fourth most valuable company.
At $61.6 billion, Tesla now only stands behind Toyota, Daimler and Volkswagen in the global automotive market capitalization race. BMW delivered over 2 million cars last year while Tesla delivered fewer than 80,000 vehicles during the same period. Yet, as of today, investors value the German automaker at $61.2 billion and Tesla at just over $61.6 billion.
“The argument is that Tesla has the ability to do things that the others can’t and that, being all-in on electric cars, they will win,” said Kevin Tynan, an auto analyst with Bloomberg Intelligence. “It’s a flawed argument. You can’t tell me that BMW can’t do what Tesla can do.”
The Model 3 will start at about $35,000 and may typically sell at prices similar to BMW’s bread-and-butter 3 Series sedan. BMW has the i3 plug-in hybrid in its lineup and plans to sell an electric version of its X3 Sport utility vehicle in 2020 as per the report by Bloomberg. (Image- YouTube)