Tesla Beats Toyota to Become Most Valuable Automaker in World

Tesla Beats Toyota to Become Most Valuable Automaker in World
Tesla CEO Elon Musk at the Tesla Semi unveiling in 2017 (Photo: Tesla)

The U.S. electric vehicle maker Tesla, owned by billionaire Elon Musk, became the most valuable car company in the world, surpassing Toyota, after its stocks surged to an all-time high on June 10.

Shares of the electric car maker, which have been revving all year, surged above $1,000 on Wednesday after it was revealed that Musk is gearing up for mass production of an anticipated electric semi-truck Tesla Semi, the New York Post reported.

The stock closed up 8.9% to $1025.05 a share, giving it a market capitalization of $190 billion, according to data from Nasdaq, an American stock exchange located in New York. Toyota, by contrast, is valued at $181 billion, Ford at $27 billion, and General Motors at $41 billion.

Tesla has also sold 11,095 Shanghai-made Model 3 vehicles in China in May, more than triple the volume seen in April, according to the China Passenger Car Association (CPCA).

Tesla, Inc. is an American automotive and energy company based in Palo Alto, California. The company, established in 2003, specializes in electric car manufacturing and, through its SolarCity subsidiary, solar panel manufacturing.