Shares in Tesla soared as much as 6% in early market trading on Wednesday

It pushed Teslas's market valuation to $104.5 billion for the first time ever 

Tesla is the first US market-listed carmaker to be valued at $100 billion - more than the valuations of  Ford Motor Co and General Motors Co combined

The company has seen its stock more than double in the last three months  

Tesla's market value also puts Musk a step closer to earning the first $346 million tranche of options in a record-breaking pay package

Under a compensation plan, Musk is to be paid in stock awards based on the value of the company when it reached $100 billion