Tesla overthrows Volkswagen to become number 2 automaker in the world

01/25/2020

Posted by: Chris Odogwu

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Tesla has overthrown Volkswagen to become the second most valuable automaker in the world with a $100 billion stock market value.

If you thought Tesla had reached its climax with the unveiling of its one-of-a-kind vehicle, the Tesla Cybertruck, you were wrong. The automaker has attained another milestone – nudging aside Volkswagen to become the second most valuable car manufacturer in the world.

tesla-cybertruck

The Tesla Cybertruck was a game-changer for the company

How did this happen?

The American automaker experienced a tremendous increase in its stock value. For the past three months, Tesla stock has increased to more than twice its previous value. This shot up its market capitalization to a mind-blowing $100 billion last Wednesday. This was the first time a carmaker attained such heights.

>>> Check out facts about the Tesla Cybertruck! Tesla Cybertruck - 7 facts you may not realize

In recent times, the company led by Elon Musk has outshined older and more experienced automakers including Honda (T:7267), BMW (DE:BMWG), Daimler (DE:DAIGn) and General Motors (N:GM). Volkswagen was a strong contender in the race. It put up a good fight with its $99.4 billion market value until it was overpowered by Tesla last Wednesday.

Tesla might be taking over the automobile industry with its $100 billion stock value, but it is still behind heavyweight carmaker Toyota which has $233 billion. And from all indications, it is still far from coming close to Toyota let alone surpassing it.

>>> Check out latest auto news on Naijauto.com for updates!

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Chris Odogwu

Chris Odogwu

Car events

Chris Odogwu is a Content Writer and Journalist. He holds a bachelor's degree in Mass Communication from University of Jos and a master's degree in Mass Communication from University of Lagos. His works have been published in top local and international publications including Forbes, HuffPost, ThriveGlobal, TheNextScoop and Nigeria360 among others. A member of the Nigerian Institute of Public Relations (NIPR), the thrill he gets from writing about exotic cars feels almost the same as riding in them.

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