Photo by Eric Gandarilla.

Photo by Eric Gandarilla.

Tesla Inc. has surpassed General Motors in market capitalization to become the most valuable publicly traded automaker as investor enthusiasm continues to ramp up for the company.

Tesla shares increased 3.26% to $312.39 on April 10. The move brought the company's market cap to $50.887 billion, which exceeded General Motors' valuation by about $1 million, Reuters reported.

Shares have surged in recent weeks, despite a wide chasm between vehicle production. While Tesla delivered about 79,000 vehicles in 2016, General Motors delivered about 3.04 million vehicles in the same period.

On April 3, Tesla surpassed Ford's market share, which was $49.1 billion. Tesla had announced that it delivered more than 25,000 vehicles in the first quarter, which was a 69% increase over the prior year.