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.
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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.
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.
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.