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Tesla is worth more than Ford and GM, despite having just 1 percent of their sales

It’s electric.

Tesla is currently the most valuable American car company, worth $53.5 billion at market close today — about $3 billion more than General Motors. That’s despite sales that are nowhere near American auto giants.

Tesla sold just over 22,000 vehicles this quarter. That’s a little more than 1 percent of Ford’s 1.7 million in sales this quarter and a little less than 1 percent of General Motors’ 2.3 million.

Being able to meet their production goals has long been an issue for Tesla, which saw a record loss of $336 million this quarter as it ramps up production on its Model 3.

Tesla currently sells the most fully electric cars in the U.S. out of any car company. But traditional companies like Ford and GM have their own electric car lines and a proven ability to scale, so Tesla will have to keep hitting production goals, like it did this quarter, to maintain its position.


This article originally appeared on Recode.net.