When it comes to market value, Tesla now has Ford Motor in its rearview mirror.

The electronic car maker run by Elon Musk is now the No. 2 auto maker in the U.S. based on market capitalization, passing Ford but still behind frontrunner General Motor.

As of Monday afternoon, Tesla (TSLA) boasted a market cap of $48.7 billion, ahead of Ford's (F) $45.3 billion. GM (GM) is the top auto maker in the U.S. with a market cap near $51 billion.

Shares of Tesla surged 7% Monday after setting a quarterly record by delivering 25,000 vehicles during the first quarter. The deliveries were up 69% compared to a year ago.

Last week, Chinese tech giant Tencent Holdings confirmed it acquired a 5% stake in Tesla.