Tesla has overtaken Toyota to clinch the first position, becoming the world’s most valuable automaker.
Shares of the electric car maker rose nearly 4% to hit an all time high of $1,129.18, driving the company’s market capitalization to about $208 billion. This surpassed Toyota’s market cap of about $202.74 billion.
However, with debt included, Toyota is still worth more at $284 billion compared to Tesla’s $207 billion enterprise value.
Furthermore, while the company may have exceeded Toyota on market value, it still lags Toyota by a wide margin on actual car production.
The electric car maker produced 103,000 vehicles in the first quarter of 2020, translating to about 4% of the almost 2.4 million made by Toyota. Toyota sold 10.46 million vehicles during its 2019 financial year, ending on March 31, 2020. It reported net revenues of roughly $281.20 billion during that time.
Tesla, in comparison, ended 2019 with $24.6 billion in revenues, having delivered 367,200 vehicles last year.
In January this year, the company crossed the $100 billion stock market evaluation, becoming the first US car manufacturing company to hit the mark. It then became the world’s second-most valuable automaker after surpassing Volkswagen AG.
Tesla is an American automotive and energy company based in Palo Alto, California. The company specializes in electric car manufacturing and, through its SolarCity subsidiary, solar panel manufacturing. It operates multiple production and assembly plants, such as Gigafactory near Reno, Nevada, and its main vehicle manufacturing facility in Fremont, California.