Tesla just became the world’s most valuable automaker.
Tesla became the world’s most valuable automaker on Wednesday, when the electric vehicle company’s market capitalization surpassed Toyota’s for the first time.
Shares of Tesla gained 5% to hit a new all-time high of $1,135, giving the company a valuation of roughly $206.5 billion, compared with Toyota’s valuation of about $202 billion.
The milestone underscores the vast investor enthusiasm for Elon Musk’s automaker, which has yet to turn a profit on an annual basis. The stock has more than doubled this year, surging 170%, as investors continue to pile into the electric car maker.
