According to the stock market, Tesla outpaced Ford, a company that is 100 years older than Tesla. The current Tesla market cap sits at $47.46 billion, while Ford’s market cap dips to $44.89 billion.

As reported by The Crunch, this fluctuation in valuation is caused by Tesla’s good news and Ford’s bad news. The rise in vehicle production and deliveries during the first quarter of the year helped Tesla to beat analysts’ expectations. On the other hand, Ford has to recall some of their F-150 pickup trucks, and on top of that, the U.S. monthly sales fell 7 percent during last month.

In this moment, Tesla’s shares are now at an all-time high of $291.54 up from $181 in the early days of December 2016. However, Tesla is still in large debt and only shipped around 76,000 vehicles last year. Ford ships millions of cars each year and has a healthier balance sheet with stable annual revenues and profits.

According to CNBC, Tesla is on track to meet or exceed guidance for the first half of 2017. As most analysts’ have reported, Tesla has had a bad track record when it comes to meeting their deadlines. But with this pace, Tesla should be able to put TSLA on schedule and meet their guidance of more than 47,000 vehicle deliveries for the first half of 2017.

If the legacy models such as Model S sedan and X SUV have a smooth launch, Tesla can focus more on a successful launch of their Model 3 vehicle later this year. As reported by the analyst Rob Chira, the high-performance and high-priced Model S sedan and X SUV are proofs of concept that a pure-battery electric vehicle can exist.

On the other hand, the upcoming Model 3 is more of a traditional car on which Tesla has been working forward this whole time. In order to repay its debt and keep the market share at a high point, Tesla Model 3 has to be a success.

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