Electric car maker Tesla passes GM as most valuable U.S. car company

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Signage is displayed outside of Tesla Motors before the Tesla Energy Powerwall Home Battery event in Hawthorne, California April 30, 2015. REUTERS/Patrick T. Fallon (Copyright Reuters 2017)

Tesla Inc on Tuesday morning surpassed General Motors Co as the most valuable U.S. auto firm.

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In late morning trade, Tesla had a market capitalization of $52.7 billion compared with $49.6 billion for GM.

Tesla on Monday said it delivered a record 25,000 electric vehicles in the first quarter. It plans to begin production this summer of the mass-market Model 3 sedan.

(Reporting by Paul Lienert in Detroit; Editing by Chizu Nomiyama)