Tesla’s market value climbed to over $180 billion, and hence, the company left behind all established car manufacturers to sit on top of the table for a brief period of time
Electric car manufacturer Tesla, Inc. became the most valuable car company in the world on Wednesday when its stock price hit $1000 for the first time in history. The Silicon Valley based company had surpassed Toyota, thanks to the early reopening of its facility in Fremont, California last month.
The American carmaker’s current stock value is rated at $1,025.05, and its market valuation jumped to over $180 billion. Hence, the company quickly climbed to the top of the most valuable carmakers, leaving behind many well established manufacturers like Volkswagen, Honda, Mercedes-Benz, Ferrari, BMW and others.
The sudden surge could be accredited to Tesla’s founder and chief executive officer Elon Musk’s decision to speed up the production of the upcoming Tesla Semi commercial truck. Apparently, an email from Musk to his staff was leaked, revealing his plans to finally bring the Semi truck to “volume production.”
It was previously reported that Musk violated the public stay-home order so the company could resume production. The company closed its factories in March after disputes with the Alameda County sheriff and the Fremont Police Department.
Later, a lawsuit was also filed by Tesla against Alameda County, but then subsequently both of them came to an agreement to resume production given the strict social distancing norms be followed without fail, and extra caution be taken to keep the employees from coming in contact with the disease.
As of now, Tesla retails a total of four cars in the markets it operates in, namely Model S, Model 3, Model Y and Model X. However, the American EV manufacturer is currently working on further expanding its line-up with an electric supercar called ‘Roadster’, which will go on to become one of the fastest road-legal cars ever built. The company is also working on a fully-electric pickup truck dubbed ‘Cybertruck’ which was showcased last year, and is expected to hit the markets by late next year.