Tesla is making great strides, and not just in 0-60 mph sprint times. The California-based automaker surpassed US$300 (RM1,329) in stock value, pushing its market capitalisation to US$52.08 billion (RM230.71 billion), overtaking General Motors – valued at US$51.23 billion (RM226.95 billion) – as the highest-valued US automaker, according to Inside EVs.

Should Tesla stock continue on its upwards trend, it will have Honda next in its sights, with the Japanese manufacturer valued at US$53.08 billion (RM235.14 billion). The American EV manufacturer’s surge in stock value can be attributed to the latest news regarding the Tesla Model 3, as well as its vehicle deliveries in Q1 2017, which represented a 69% gain over the same period last year.

Production of the Model 3, Tesla’s most affordable model yet, is expected to commence in July on a limited scale, ramping up to 5,000 vehicles per week by the fourth quarter of this year, and after that, a rate of 10,000 vehicles per week in 2018. This is also bolstered by the company’s raising of US$1.2 billion (RM5.3 billion) for the Model 3’s coming launch.

GALLERY: Tesla Model 3