Tesla on Wednesday became the highest-valued automaker as its stock shares surged to record highs and the electric carmaker's market capitalization overtook that of Toyota. Tesla shares gained 5% in early morning trade to a record of $1,133, boosting the company's market cap briefly to $209.47 billion - roughly $6 billion more than Toyota is currently valued by investors. Tesla closed the trading day at $1,119.
In 10 years, Tesla has gone from public market newbie to the most valuable automaker in the world by market value. The electric automaker had long since passed the valuations of Ford and GM and in January became the most valuable U.S. automaker ever when its market cap hit $81.39 billion. Tesla shares popped Wednesday after the market opened, rising nearly 4% to $1,129.18 - hitting a new 52-week high.
Tesla shares gained 5% in early morning trade to a record of $1,133, boosting the company's market cap to $209.47 billion - roughly $6 billion more than Toyota is currently valued by investors. Tesla is now worth more than triple the combined value of U.S. automakers General Motors Co and Ford Motor Co. After several years of losses, Tesla has delivered three straight profitable quarters since the third quarter of 2019 and surprised investors with solid first-quarter deliveries despite the virus outbreak.