Tesla beats Toyota & becomes the world’s most valuable car company with a share price of more than $1,000. The electric car company overtakes Toyota on Wednesday. The company now worth $190 billion. With that much worth, it now worths more than Ford, General Motors, Honda, and Fiat Chrysler.
The company’s shares saw a boost when company’s CEO Elon Musk revealed in an email to his staff about the volume production of its new Semi Truck. Now the market capitalization of Tesla is more than Toyota which stands at $182 billion. The CEO Elon Musk wrote,
“Its time to go all out and brings the Tesla Semi to volume production”.
Elon Musk later confirmed this email as well. The company’s new share price beat this year’s higher price at the higher price. The company’s share price dropped after uncertainty about manufacturing difficulties due to COVID-19.
As of June 10, General Motors worth $41 billion, Ford with $27 billion, whereas FCA ha worth of $20 billion. However, this still not clear why Tesla’s share price saw a huge surge. The Wedbush Securities lifted its share price of $1,000 on Wednesday.
Tesla received many predictions about its share prices since the start of the year. Bank of America predicted the share price of the company for a 12-months period to be around $350. The company though touched that level during coronavirus pandemic but has recovered tremendously proving all predictions wrong.
The production plans for the Truck are not clear yet. However, according to sources, it may hit the market in 2021. Tesla’s growth in such a short span of time is tremendous. Tesla has totally changed the nature of the car industry forever. Governments around the world are trying hard to keep the pollution level at a minimum level. To help governments achieve this objective, the Elon Musk initiative to launch electric vehicles proved to be successful. This is evident from the substantial growth of the company leaving behind all leading names of the industry.