Tesla on Tuesday became the largest automaker in the US by market capitalisation.

The electric-car maker surpassed General Motors and Ford as its shares rallied above $US300 for the first time, giving it a market cap of about $US53 billion.

GM was worth nearly $US50 billion. Its shares fell 3% on Monday, its biggest drop in nine months, after the company reported March sales that were weaker than analysts expected. Ford also fell.

However, Tesla jumped 7% on Monday after reporting record deliveries in the first quarter, up 69% year-over-year to a record 25,000 vehicles. The rally had put the company in second place ahead of Ford.

But Tesla still has some catching up to do globally; Japan-based Toyota is worth $US177 billion, or more than three Teslas.

While Tesla’s stock rose to new highs, traders increased their bets that the shares would fall. Those wagers have not yet paid off, as short sellers have this year lost nearly $US3 billion, according to the financial-analytics firm S3 Partners.

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