Tesla speeds past Toyota to become world's top automaker by value

Jul 02, 2020 | News On Japan

Jul 02, 2020 (Nikkei) - Tesla's market capitalization reached $210 billion on Wednesday, driving the electric-car specialist past Toyota Motor to become the world's most valuable automaker.

Growing interest in environmentally conscious investing has helped Tesla's valuation swell nearly fivefold over the past year. Its shares touched an all-time high of $1,135.33 on Wednesday.

Investors have flocked to the company as a front runner in the auto industry's shift toward connected, autonomous, shared and electric vehicles. Tesla overtaking Toyota underscores the changing dynamics in the sector. In addition to being a top brand in the electric-vehicle market, the company is known for solar panels and storage batteries.

The recent rally was sparked by reports Monday that Tesla CEO Elon Musk had expressed optimism of breaking even for the April-June quarter in an internal memo. Market analysts have forecast a large swing into the red amid the repercussions from the pandemic.

Tesla shares were up as much as 12% in the next two days, closing Wednesday at $1,119.63 for a market capitalization of $207.7 billion. Toyota's market cap stood at $202.1 billion.

Tesla has established local production networks in both its main markets -- the U.S. and China -- with the opening of a factory in Shanghai late last year, and it plans to start up a plant outside Berlin in 2021. It aims to boost annual production capacity to 1 million vehicles next year, up 40% from current levels.

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