Electric car maker Tesla, owned by Elon Musk, has become the most valuable car company in the world on June 10 after its stocks surged to an all-time high.
After several years of losses, Tesla has delivered three straight profitable quarters since the third quarter of 2019 and surprised investors with a solid first-quarter in 2020, despite the virus outbreak.
Owned by Elon Musk, Tesla broke the record by beating Toyota as its stock rose by about 7.6% to $1,011.65, helping it to lift its market capitalization to an intraday peak of almost $189 billion. Tesla has delivered three straight profitable quarters since the third quarter of 2019 and surprised investors with a solid first quarter, despite the virus outbreak.
In the early morning trade, Tesla’s shares gained 5 percent to a record of $1,133, taking the market cap to $209.47 billion, nearly $6 billion more than what Toyota’s current value.
Since the start of this year, Tesla’s shares rose more than 163 percent, reflecting investors growing confidence in the company’s ability to become a leader in electric vehicles.
Top 5 most valuable automobile companies
|Tesla||USD 180 billion|
|Toyota||USD 173 billion|
|Volkswagen||USD 79 billion|
|Honda||USD 45 billion|
|Daimler||USD 43 billion|
But why Tesla?
Tesla has been heralded by the tech and motoring presses for its innovation, stirring up a fairly traditional market and introducing electric cars with a distinct buzz about them. Apart from manufacturing EVs, Tesla is also exploring a wider ecosystem, offering a number of other solutions that leverage its experiences in battery power, such as solar panels and power storage.
Here are some of the Tesla Cars that are our personal favourite -: