>> Today, Tesla hit the next in a series of record highs in the stock market. The big milestone today is that it's now become the most valuable US carmaker by a market cap beating out General Motors. I'm Reuters correspondent Noel Randewich. Today, Tesla overtook General Motors as the United States largest automobile maker, by market capitalization.
This is a big milestone in the U.S. auto industry which for almost a century, has been based in Detroit. In recent weeks, the company has come out with some production data, that was positive. It has increased investors expectations that Tesla's gonna be able to make its goal of launching production of its long expected, consumer level, mid-range level model three sedan, later this year, that's increased confidence in the stock.
The idea that Tesla's market cap is now bigger than GM's really says something about what's going on in the United States auto industry. What we see now is an increased focus, an increase value in the auto industry on things like, software, autonomous driving. Another kinds of kind of Silicon Valley based technology