Tesla Inc on Wednesday became the highest-valued automaker as its shares surged to record highs and the electric carmaker's market capitalization overtook that of former front runner Toyota Motors Corp.
FILE PHOTO: SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the automobile awards"Das Goldene Lenkrad" given by a German newspaper in Berlin, Germany, November 12, 2019. REUTERS/Hannibal Hanschke/File Photo
Tesla shares gained 5% in early morning trade to a record of $1,133, boosting the company’s market cap to $209.47 billion - roughly $6 billion more than Toyota is currently valued by investors. The shares’ meteoric rise, up more than 163% since the start of 2020, highlight growing confidence among investors about the future of electric vehicles and Tesla’s shift from a niche carmaker into a global leader in cleaner cars.
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