The electric car manufacturer Tesla overtook the Japanese Toyota and became the most valuable carmaker in the world. Shares of Tesla rose five percent to $ 1,133 (about $ 26,800) at the start of Wednesday’s trading, bringing the company’s market price to $ 209.47 billion. That’s about $ 6 billion more than Toyota’s investors now value.
The market value of the company now exceeds three times the sum of the market capitalization of American carmakers General Motors a Ford Motor.
The jump in Tesla shares, which have risen 163 percent since the beginning of the year, illustrates the confidence that investors have placed in the future of electric cars, as well as the transformation of Tesla from a marginal manufacturer to a world leader in green cars.
After several years of losses, Tesla reported three profitable quarters in a row since the third quarter of 2019. Investors were surprised by the result in the first quarter of this year, when, despite the pandemic, it delivered 88,400 cars, which was 40 percent more than in the same period last year and the most in any first quarter.
Toyota delivered 10.46 million vehicles in fiscal year 2019, which ended in March 2020. It reported sales of $ 281.2 billion (CZK 6.6 trillion) during the period. For comparison, Tesla delivered 367,200 cars in 2019 and reported sales of $ 24.6 billion.
This week, Tesla is to announce the number of cars delivered in the second quarter. The founder and head of the company has in the past said that the carmaker will deliver half a million cars in 2020. Tesla did not correct this outlook due to the pandemic.
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