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Tesla overtakes GM to become biggest US carmaker

Written by TechBug

Tesla has leapfrogged General Motors to become America’s most valuable carmaker, riding a wave of optimism about the electric vehicle company despite its continuing losses.

The company, led by the billionaire entrepreneur Elon Musk, passed a $50bn (£40bn) market valuation for the first time on Monday.

In early trading its market capitalisation reached $52.5bn, overtaking GM a week after it surpassed fellow carmaker Ford.

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