Tesla no more US’ biggest carmaker as stock takes $12 bn hit

Tesla has lost the title of being the most valuable carmaker in the US as its stock dropped 19% from its June 23 high, wiping off $12 billion from Tesla’s market capitalisation. Tesla’s market value is now around $47 billion, behind General Motors, which has a $51 billion valuation. Tesla is still ahead of Ford, which has $44 billion valuation.