A Tesla Model S electric car is seen at its dealership in Seoul, South Korea July 6, 2017.
According to reports, Tesla is now the world’s most valuable automaker by market value.
Reaching a market cap of nearly $208 billion USD following a 52-week high, the electric automaker has overtaken Toyota which once stood at the top with a $202.74 billion USD market cap. Elon Musk’s company has defied all odds starting as a late market newbie, surpassing valuations of its competitors, underproducing and having a volatile stock price.
Viewed more as a tech company, the automaker has also remained immune to the effects of the Coronavirus (COVID-19) pandemic despite facing the same slowdowns felt by businesses all around the world. Reports are also noting that the second-quarter delivery and production figures to be announced this week could also mean share prices will rise again which should meet or surpass analyst expectations.