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Tesla to overtake Toyota as world’s most valuable automotive firm

11/06/2020
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Following a surge in share prices, Tesla Inc. has been valued at over $190 billion, making it second only to Toyota (at $210 billion) as the world’s most valuable automaker.


(Image via Tesla)

Shares in Tesla were boosted after CEO Elon Musk emailed staff on Tuesday to inform them that the company’s new fully-electric HGV was now ready for volume production. Musk has also recently reportedly explored plans for a possible UK “gigafactory” near Bristol.

 Shares in the company are up 23% since the beginning of June, while shares in Toyota are down around 10% so far this year, with the company forecasting an 80% decrease in profits this year.

Other factors that are likely to see Tesla’s stock continuing to grow include what is being called a “massive opportunity” for the company in China, where they are on track to reach 100,000 deliveries from their Shanghai factory in their first year of operations, and the hype around the newly listed Nikola Corp. making batteries and hydrogen fuel cells for trucks.  

Tesla shares hit $1,025 today and are anticipated to reach as high as $1,500 following Musk’s reveal of a new “million-mile” battery technology for future Tesla vehicles. With the trend continuing, Tesla is expected to become the world’s most valuable automotive firm very shortly.

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Tesla to overtake Toyota as world’s most valuable automotive firm - Time to read 2 min
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