Tesla catches up with Toyota to become the world's most valuable carmaker

07/03/2020

Posted by: Oluwaseun Solomon

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Tesla Motors breaks the record again as it overtakes popular Japanese automaker, Toyota to become the world's most valuable automobile manufacturing company.

This year has been a great one for Tesla Motors Inc despite the COVID-19 outbreak and a few other challenges. While Tesla Motors has only been around for 17 years, it recently overtook the 82-year-old auto giant, Toyota to become the most valuable automaker in the world. Quite surprising, isn’t it?

Tesla-Motors

American electric automaker, Tesla Inc overtakes Toyota to become the world’s most valuable car manufacturer

Before now, a lot of people do not know that one of the top 10 cool facts about Toyota is that the company has been around for over 80 years and has remained the most valuable automaker in the world for many years. Unfortunately, Tesla Inc is completely changing all that history now by setting new remarkable records that Toyota will find it difficult to displace anytime soon.

Right from the very beginning of this year before the COVID-19 outbreak and up till now, the shares of Tesla Motors Inc have literally been climbing up so much that it has already doubled as at the time of writing this report. On Wednesday 1st of July 2020, the market capitalization of Tesla Motors went up by 3.5% in the intraday trading to hit ₦80.4 trillion ($207.2 billion), surpassing the current ₦78 trillion ($201.9 billion) market capitalization of Toyota.

>>> Related: 8 astounding facts about Tesla, the richest car brand on earth

What’s more interesting about the new achievement by Tesla Motors is the fact that the company only produced a total of 103,000 cars in the Q1 (first quarter) of this year which is just 4% of Toyota’s total production record of 2.4million cars during the same time.

Still don’t believe Tesla Motors actually overtook Toyota, check out the international press report video below which confirms the news;

  Tesla becomes world's most valuable carmaker after share price surge

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Oluwaseun Solomon

Oluwaseun Solomon

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Oluwaseun Solomon is a prolific and diligent automobile writer at Naijauto.com. He's also an experienced digital marketer and a creative multimedia developer that specializes in video editing. He currently contributes informative and easy to read articles on topics covering transportation, traffic updates, auto industry updates, and different car reviews.
When Solomon is not writing, you will either find him composing music, editing videos or simply enjoying YouTube "TEDx Talk" videos with a chilled drink :)

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