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?
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.
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