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Tesla Overtakes Toyota To Become World’s Most Valuable Automaker
Tesla surpassed Toyota Motors to become the world’s most valuable automaker on Wednesday.
The electric carmaker jumped as much as 4% to a market capitalization of $209.47 billion.
Japanese automaker Toyota fell as much as 1% to a market capitalization of $203 billion.
Tesla becomes the world’s most valuable automaker.
Tesla’s market capitalization reached $209.47 billion on Wednesday to displace Toyota Motors as the world’s most valuable automaker.
Tesla jumped as much as 4% to attain the new record, while Toyota fell as much as 1% to a market capitalization of $203 billion.
Tesla’s shares, which has risen more than 160 per cent since the beginning of the year, reached a record highs of $1,132.
In comparison, Toyota’s shares has fallen approximately 14 per cent since January 2020.
Late last year, the US-based automaker opened a factory in Shanghai. The company plans to start up a plant outside Berlin in 2021.
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Tesla aims to boost annual production capacity to 1 million vehicles next year, up 40% from current levels.
The company has reported net profits for three straight quarters since July-September of 2019.
If Tesla manages to turn a profit in the second quarter, the carmaker will become eligible to be added to the S&P 500 index.
Last year, Tesla sold about 367,500 vehicles, a fraction of Toyota’s 10.74 million.
On Monday, Tesla CEO Elon Musk sent an email to employees, cheering them on to finish the quarter strong in hopes of breaking even for the quarter.
