American electric vehicle manufacturer, Tesla Inc., has overtaken Japanese giant car manufacturer, Toyota, to become the world’s most valuable carmaker, OYOGist.com has gathered.
Read more stories from OYOGist.com:
On Wednesday, Tesla officially overtook Toyota as the world’s most valuable car manufacturer. This is after Toyota fell by 1% to a market capitalization of $203 billion, with Tesla surging as much as 4% to a market cap of $206 billion.
![A Toyota Fcv Prius Concept car](https://oyogist.com/wp-content/uploads/2020/07/Toyota-Fcv-Prius-concept-car-1024x654.png)
Tesla is the manufacturer of electric vehicles in America. The company overtook its home-based combustion engine competitor, General Motors in 2019, when its market cap reached $53 billion, surpassing the traditional car maker’s $51 billion market cap.
![A Tesla Model S at a dealership in Seoul, South Korea July 6, 2017. REUTERS/Kim Hong-Ji](https://oyogist.com/wp-content/uploads/2020/07/Tesla-model-s-1024x676.png)
In January of 2020, Tesla’s market cap soon eclipsed the combined market cap of both General Motors and Ford’s when Tesla neared $89 billion against GM’s $50 billion and Ford’s $37 billion.
This is the first time in history that an electric car maker would be the world’s biggest car manufacturer in terms of market cap.
Follow OYOGist.com on Twitter and Facebook.