GM remains most valuable U.S. car company, Tesla is No. 2

Signage is displayed outside of Tesla Motors before the Tesla Energy Powerwall Home Battery event in Hawthorne, California April 30, 2015. REUTERS/Patrick T. Fallon

(Reuters) - Tesla Inc TSLA.O, whose market capitalization passed that of Ford Motor Co F.N on Monday, still trailed General Motors Co GM.N as the most valuable U.S. auto firm in mid-day trade on Tuesday.

Tesla traded at $301.74 at mid-day and had a market capitalization of $49.1 billion, according to Thomson Reuters data, compared with $51.1 billion for GM.

Tesla on Monday said it delivered a record 25,000 electric vehicles in the first quarter. It plans to begin production this summer of the mass-market Model 3 sedan.

(This story corrects first two paragraphs and headline to show Tesla did not surpass GM as most valuable company, but still trails)

Reporting by Paul Lienert in Detroit; Editing by Chizu Nomiyama