Tesla’s second-half surge means the electric car company is now worth more than BMW

Electric carmaker Tesla is now valued at $35bn, a record high, as the firm continues to expand its range of vehicles.

The valuation was revealed on Tuesday at a conference in Los Angeles, where Tesla CEO Elon Musk announced the first quarterly profit since the company was founded in 2010.

Tesla has now overtaken BMW, which sold 2.3 million vehicles in the third quarter, and is now ahead of General Motors, which had sold about 1.6 million cars in the same period.

The carmaker said it had sold nearly 2 million vehicles last quarter.

“We have done a lot of things well,” Mr Musk said.

“But the car market has changed a lot over the past few years.”

Mr Musk also unveiled plans for an electric car factory in Fremont, California, and a second headquarters in the state’s San Mateo County.

Tesla said the company would spend $1.6bn on building its factory, which is expected to create 1,200 jobs.

Tesla expects to have more than 1,400 employees in Fremond.

“This is the largest manufacturing facility in the world, so we have a lot more than just the cars,” Mr Trump said. 

Mr Musk’s company is the world’s largest maker of electric cars and is estimated to have sold more than 300,000 cars in 2016. 

The company has sold more vehicles in less than two years than BMW sold in its entire history, according to industry analysts.

The BMW Group has been profitable for the past seven years, but Mr Musk is keen to expand.

Tesla was valued at a record $33bn in March, more than double its previous valuation. 

 Tesla’s shares are up nearly 25 per cent this year, and it has surged more than 400 per cent since October, when it reported record profits of $2.4bn. 

Tesla is expected by analysts to report quarterly results in February. 

Read more: Tesla shares up more than 10% to record highs

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