zerohedge.com / by Tyler Durden / Jul 6, 2017 1:56 PM
On April 10th 2017, Tesla market cap surpassed General Motors for the first time in history. In mid-June, Tesla was valued more than $11bn above GM… but that has all gone now.
As The FT reports, Tesla bulls were delivered a few setbacks this week, which overshadowed news that its eagerly anticipated mass market Model 3 will launch at the end of the month.
Volvo, owned by China’s Geely Automobile Holdings, spooked Tesla bulls after it said on Wednesday that it would stop manufacturing combustion engine-only vehicles by 2019 and would only produce hybrids or battery-powered vehicles afterwards. The company also said that it would launch five fully electric cars between 2019 and 2021, three under the Volvo brand and two under the Polestar performance brand.
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