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American electric-car maker Tesla has become the most valuable carmaker in the market, now worth more than Ford, Fiat-Chrysler Automobiles (FCA) and General Motors (GM) combined.
Hitting a market valuation of $190 billion (BD71.7billion) and a stock price of $1025 (BD387), Tesla surpassed Toyota, despite only having shown a regular profit in the last year.
Toyota’s market cap currently sits at $178 billion, while Volkswagen is sitting in third with a $85.53 billion market cap.
As most carmakers face difficulties due to shut down production facilities during the Covid-19 crisis, Tesla’s stock has seen a continued rise, owing to its investments beyond autos, including energy storage and solar solutions.
The latest spike in value came amid rumours that the young 12-year-old company has developed a million-mile (1.6 million kilometres) capable battery pack and is scaling up production of its electric truck, the Semi.
The carmaker, started and run by eccentric billionaire Elon Musk, has been breaking ground on manufacturing facilities all over the world, most recently a half-million-a-year production factory in Germany.
Since Tesla opened its Fremont, California production factory, the company’s efforts are focussed on its Model Y for the next few months, which it started delivering globally earlier this year.
