Tesla is 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. Tesla shares gained 5 per cent in early Wednesday 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. Tesla is now worth more than triple the combined value of U.S. automakers General Motors Co and Ford Motor Co. It reported net revenues of 30,226 billion yen, or 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. Chief Executive Elon Musk in the past said Tesla would deliver at least 500,000 vehicles in 2020, a forecast the company has not changed despite the coronavirus pandemic.

Source: Standard Digital July 06, 2020 14:16 UTC