Tesla briefly edges General Motors as most valuable U.S. automaker

Tesla briefly edges General Motors as most valuable U.S. automaker

Elon Musk.

Edging GM in market cap gives Tesla little more than bragging rights. But it's another tantalizing notch in the rivalry between the two companies, which have been racing to introduce an affordable electric car for years.

GM beat Tesla to the market with the Chevrolet Bolt, an electric car priced at about $30,000 after a federal tax credit.

But the Model 3, if it hits later this year, will present stiff competition at a slightly lower price for a basic model and similar electric range.

"Weíve built a track record of strong financial performance," GM spokesman Tom Henderson said in an email. "Weíll stay focused on delivering outstanding results and making decisions to deploy capital where it will generate the strongest returns, to enhance shareholder value."

A Tesla spokesman declined to comment.

Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.



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