Following stock surge, Tesla becomes most valuable auto company in the world

The company rushed past Toyota on Wednesday to claim the top spot

Published: July 1, 2020 12:24pm

Updated: July 1, 2020 2:54pm

Tesla officially climbed to the top of the global auto market on Wednesday, becoming the most valuable automaker on the planet as it surged past Toyota with a 4% jump in market capitalization. 

The company posted a market cap of $206 billion on Wednesday, $3 billion more than Toyota's; the company has realized a 170% year-to-date increase in its value.

The corporation has shot to the top of the cutthroat auto market by capitalizing on the growing consumer demand for electric vehicles. Its Model 3 is the best-selling electric car in the world.

Tesla's rising fortunes come even as the company continues to ship relatively few vehicles compared to its competitors. Last year Tesla moved 367,500 units; Toyota and its subsidiaries, meanwhile, recorded over 10.7 million vehicles sold.

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