U.S. Manufacturer Tesla passes Toyota as Most Valuable Car Company in the World

Tesla’s stock has surged 17% this week alone, on Monday closing above $1,000 per share for the first time ever and on Wednesday hitting a new record high price of $1,135 per share.

With its latest stock rally, that means Tesla is now the most valuable car company in the world, valued at around $208 billion.

With that market cap, Tesla has now officially surpassed Toyota—its main rival for that title, which is valued at roughly $203 billion; Toyota’s stock fell more than 1% in overseas trading.

Tesla is also now worth more than many of its rivals combined, such as Fiat Chrysler ($20 billion), Ford ($24 billion), Ferrari ($32 billion), General Motors ($36 billion), BMW ($41 billion), Honda ($46 billion) and Volkswagen ($74 billion).

The milestone is highly indicative of investors’ vast enthusiasm for Tesla: The company’s shares have more than doubled so far in 2020, surging over 150% amid continued interest from retail and institutional investors.

Source: Forbes

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