Elon Musk: Tesla will be bigger than Apple one day

Tesla founder Elon Musk has predicted his electric car company will one day exceed Apple in value - despite announcing a bigger than expected loss in the first quarter of 2017.

Tesla’s current market capitalisation of $51bn (£40bn) is just 6.6% of Apple’s $776bn (£605bn). Apple is the world’s most valuable company and is worth around $180bn more than its nearest competitor, Alphabet.

The company revealed revenues for the first three months of the year were up 135% year-on-year to $2.7bn. But rising costs, as it prepares to launch the Model 3, its first mass-market vehicle, meant it saw a net loss of $397m – up 41%.

Musk made the claim about the scale of his ambitions on an analysts’ call yesterday, but began, "I want to preface this by saying I could be delusional," the Financial Times reports.

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