Elon Musk’s electric car company, Tesla, is now worth than legendary U.S. automaker Ford Motors.
Shares of Tesla stock surged to about $292 on Monday — a roughly 5 percent increase — bringing the electric car company’s market capitalization to $47.08 billion. Ford’s current market cap is $44.91 billion.
The $3 billion discrepancy between the two companies is largely speculative, based on investor anticipation of what the companies are worth.
Tesla’s “book value,” or value after its total liabilities are subtracted from its assets, is $5 billion. Ford’s is almost $30 billion. And while Tesla generated $7 billion in revenue in 2016, Ford generated $15 billion.
The electric carmaker also has yet to turn a profit in its 14-year history.
Regardless, the uptick in share price corresponds to the positive strides the relatively new automaker is making. Tesla is planning to create three new factories to keep up with increased production. The company plans on shipping 50,000 cars in the first half of 2017 and 500,000 by the end of next year.
Ford and Tesla are beginning to square off as competitors. Musk has said he would like Tesla to manufacture affordable cars down the road, which would put his company in competition with Ford’s fleet of lower-priced electric cars.
Ford also announced plans in 2016 to develop autonomous cars, which has been a high priority goal for Musk and Tesla.