Tesla this week became more valuable than the two largest American automakers combined — leaving some Wall Street analysts skeptical.

The electric car company’s shares climbed nearly 5 percent to close at a record high of $492.14 Wednesday, giving it a market capitalization of more than $88.7 billion.

That’s more than the combined market cap of General Motors and Ford, which were worth about $49.5 billion and $36.6 billion, respectively, as of Thursday morning.

Some analysts expressed reservations about Elon Musk’s auto company, which churns out a tiny number of cars compared to its more established rivals.

“There are still some problematic issues out there, chief among them is what will its sustained profitability look like, and when will it start to be valued like a car company and not a tech company,” David Kudla, chief investment strategist at MainStay Capital Management, told Reuters.

Tesla’s stock price has more than doubled over the past three months thanks to a third-quarter profit, stronger-than-expected deliveries in the fourth quarter and the opening of a new factory in China.

The company delivered about 367,500 vehicles worldwide last year, while GM and Ford each surpassed 2 million deliveries in the US.

But Tesla’s recent rally followed a period of volatility coinciding with CEO Musk’s outlandish behavior.

He tweeted in August 2018 that he was considering taking Tesla private at $420 a share, which led to a $20 million penalty from the Securities and Exchange Commission. A video of the billionaire entrepreneur smoking pot on a podcast caused Tesla shares to tank the following month.

CFRA Research analyst Garrett Nelson lowered his opinion of Tesla on Wednesday, saying investors should sell the stock rather than hold onto it. The shares “appear fully valued” and aren’t reflecting short-term risks such as the phase-out of a federal electric vehicle tax credit, he said.

“With TSLA’s market cap now exceeding GM and Ford combined despite having only about 3% of joint vehicle sales volume, we think investors have given TSLA plenty of credit for future growth, raising execution risk,” Nelson wrote in a Wednesday note, using Tesla’s stock ticker symbol.

With Post wires