Shares in the business rose as it announced record car deliveries for the first quarter of this year, having delivered 25,000 units, up 70% year on year.
In 2016 Tesla delivered a total 76,000 vehicles, compared to the 6.7million delivered by Ford.
Tesla was founded in July 2003 by PayPal entrepreneur Elon Musk and is in fact yet to make a profit, posting a $667m loss last year. That said, the business is moving forward with electric cars faster than any other car maker and will see further grown with the arrival when it the cheaper, more mainstream Model 3 arrives.
In addition to building cars, Tesla also makes it own batteries in €5bn Gigafactory in Nevada. Batteries are manufactured by Panasonic for both cars and for the ‘Tesla Powerwall’, an energy storage device, which can work in tandem with Tesla’s photovoltaic panels.
In February 2017, Musk announced plans to build three additional Gigafactories to increase its factory capacity to handle battery manufacturing, where is aims to cut costs by 30%.