The market value of Tesla [NSDQ: TSLA] rallied once again last week and the automaker briefly surpassed BMW in market capitalization. According to Bloomberg, Tesla's stock climbed following CEO Elon Musk's announcement that the Model 3 would begin production in July and be followed in two to three years by the Model Y crossover, which would need its own factory.

Despite Tesla posting a profit just twice in its entire history, the electric car maker has been the market's darling as of recent. Its latest rally saw share prices climb 1.9 percent to pass BMW's $61.3 billion market cap value. The automaker and technology company rallied past Ford Motor Company in April, then overtook General Motors a week later. 

Tesla has yet to turn a consistent profit selling vehicles with six-figure asking prices, which has led some analysts to remain skeptical about Tesla's value. Remember, the Model 3 sedan is expected to sell for just $35,000. It's doubtful the car will be a money maker for Tesla--at least initially.

“We think they are going to be burning close to $750 million to $1 billion a quarter for the next handful of quarters,” investor Jim Chanos said at the Bloomberg Invest New York Summit on Tuesday. Tesla “has its big test ahead of it, the Model 3. It has been losing money selling $120,000 cars, but it hopes to make money selling the $35,000 car.”

After the rally last week, Tesla's stock dipped when Hedgeye Risk Management added shorting Tesla to its best ideas list. Tesla dropped 3.4 percent, which placed the company's market cap at $2.6 billion below that of BMW. However, Tesla's stock has rallied again this week and is currently trading around $375 per share, putting the company's market cap at $61.6 billion. With BMW currently at about $85 per share, its market cap sits at about $62.8 billion.

Aside from the slim lead for BMW, only Volkswagen Group and Daimler remain more valuable automakers than Tesla.