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

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.