The daily business briefing: January 9, 2020

Tesla's stock surges to lift its market value above GM's and Ford's combined, Ghosn lashes out at Japan's justice system, and more

Carlos Ghosn on a TV screen
(Image credit: BEHROUZ MEHRI/AFP via Getty Images)

1. Tesla stock gains, lifting market cap above GM and Ford combined

Tesla's stock surged by nearly 5 percent on Wednesday, lifting its market value above the combined values of General Motors and Ford for the first time and making the electric-car maker the most valuable automobile company in U.S. history. Tesla shares hit a record high that brought the company's market capitalization to $88 billion. GM and Ford have values of $49 billion and $37 billion, respectively. Tesla has been gaining thanks to an unexpected third-quarter profit, better-than-expected fourth-quarter deliveries, and the deliveries of the first vehicles from its new factory in China. Still, some analysts remain skeptical of Tesla's ability to make consistent profit.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.