Tesla dethrones Toyota to become world's richest automaker
With the latest surge, Tesla's worth has tripled the other US automaker giants General Motors (GM) and Ford Motor
Tesla on Wednesday became the world's richest car company after its shares witnessed record highs and the market capitalization overtook that of former numero uno Toyota Motors.
In the early morning trade, Tesla's shares gained 5 per cent to a record $1,133, taking the market cap to $209.47 billion, nearly $6 billion more than what Toyota's current value.
With the latest surge, Tesla's worth has tripled the other US automaker giants General Motors (GM) and Ford Motor.
Led by Elon Musk, Tesla has seen its lows and highs, however, the company's shares are seeing an upward trend since late 2019 after it met important production targets for its Model 3 car.
Since the start of this year, Tesla's shares rose more than 163 per cent, reflecting investors growing confidence in the company's ability to become a leader in electric vehicles.
The sales of US's other auto giants Ford and GM Motors were hit earlier in the quarter largely due to the coronavirus pandemic, which led to a halt in production for nearly two months.