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Tesla market value tops $700 billion for first time

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NEW YORK - Electric carmaker Tesla closed trading on Wednesday with a market value topping $700 billion for the first time.

The latest surge means the company is worth more than General Motors, Ford, Toyota, Honda, Fiat Chrysler and Volkswagen combined.

The auto industry disruptor led by Elon Musk wowed Wall Street yet again over the weekend, reporting annual car deliveries of 499,550, just shy of its 2020 target of half a million, but well above analyst estimates. While industry analysts do not expect another massive surge in value this year, they remain optimistic about the company's sales prospects, even if the cars remain out of reach for many buyers.

Musk has expressed determination to cut the price for Tesla's electric cars, which currently start at $37,990 in the US market.

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