Tesla shares have fallen nearly 15 percent, leading the company to no longer hold the spot as the most valuable American automaker. Instead, General Motors has claimed that position with a value of $52.6 billion USD, ahead of Tesla’s $51.6 billion.
The Elon Musk-headed company had previously held the top spot since April, following the announcement of the Tesla Model 3. However, output for the electric vehicle was hindered by battery manufacturing issues, which caused setbacks to overall production. Volvo’s recent announcement of a major electric car initiative certainly didn’t help Tesla, either.
Still, Tesla has the opportunity to reclaim its number one mantle if it stays on schedule for the Model 3, which it previously announced would reach customers by July 28th.