AKIPRESS.COM - Tesla's market value has overtaken that of Ford after shares in the electric car maker added more than 7%, BBC reported.

At the close of trading Tesla had a market value of $49bn (£38bn), compared with Ford's value of $46bn.

Tesla's shares rose on Monday after the company announced record vehicle deliveries in the first three months of the year.

The firm delivered more than 25,000 cars in the first quarter, up 70% on the same quarter last year.

While Tesla's sales are growing fast they are still a fraction of Ford's, which sold almost 6.7 million vehicles in 2016.

Tesla delivered 76,000 electric cars last year.

However, investors are excited about the growth potential of Tesla.

This year it plans to start selling a cheaper car in the US, the Model 3, which it hopes will have mass market appeal.

"Five years ago no one knew what a Tesla was. Now people want a Tesla. It has usurped BMW as an aspirational car," said Ben Kallo, energy technology analyst at Robert W Baird.

Mr Kallo said that the charisma, or what he described as the "magic dust" surrounding Tesla founder and chief executive Elon Musk, allows it to attract talented staff as well as investors.

"Tesla has more going on in those four walls than we know about," he said.