Tesla looks to put GM in the rear view mirror

|By:, SA News Editor

Tesla (NASDAQ:TSLA) is up another 1.27%, and traded as high as $304 earlier, as the buying rush into the EV automaker continues.

The gains for Tesla fly in the face of some soft numbers for the broad automobile industry in March and aren't underpinned by any new ratings action from Wall Street. For comparison, Toyota (TM -0.4%), Honda (HMC -1.7%) and Nissan (OTCPK:NSANY -1.9%) are all lower on the day.

It's also a milestone day as Tesla's market cap just passed the value of General Motors (GM). Surely someone has an opinion on if that will last? [Note: Google Finance lists the market cap on Tesla as larger than GM. Nasdaq and other sites show a different share count.]

Perhaps it's time to ask if there is something bigger going on than just Tesla. InsideEVs.com reports that 40,279 plug-ins were sold in Q1, up 46% Y/Y. While the scale is still small (Toyota sold over 81K Corollas in the U.S. during Q1) -- electric vehicle demand is picking up across nameplates, despite the expectation that the new administration will be less supportive of the EV industry.

Previously: Tesla passes Ford's market cap on 'crazy' day in auto (April 3)