Jul 1, 2020
Tesla overtakes Toyota to become world's most valuable car maker
Tesla has become the world's most valuable carmaker, overtaking Japan's Toyota, after its stock hit a record high. Shares in the electric carmaker hit a record $1,134 on Wednesday morning, before falling back, leaving it with a market value of $209.47bn. That is roughly $4bn more than Toyota's current stock market value. Toyota sold around 30 times more cars last year and its revenues were more than 10 times higher. Shares in Tesla have risen more than 160% since the start of 2020, as investors feel more confident about the future of electric vehicles. Chief Executive Elon Musk in the past said Tesla would deliver at least 500,000 vehicles in 2020, a forecast the company has not changed despite the coronavirus pandemic.
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