Elon Musk has added another glorious chapter👍 to his long impressive list of achievements.
His electric vehicles (EVs) manufacturing company🏭, Tesla has now overtaken its Japanese rival Toyota to become the world’s most valuable auto company😎.
It came as Tesla’s share price rose📈 to $1,100, on Wednesday, giving the company valuation of $209bn, which is $4 billion more than that of its Japanese rival Toyota.
Notably, Tesla is now worth 💪more than triple the combined value of fellow US automakers, Ford and General Motors.
A curious case!
Tesla becoming the world’s most valued automaker is truly remarkable because of the staggering fact that ☝️it has never made a profit till date.
In 2019, it had a revenue💰 of nearly $25 billion (Rs. 1.75 lakh crores) with a loss of over $860 million.
Then what makes it ‘‘the star’’?
Tesla’s share price has risen sharply since the start of 2020🗓️.
It has come on the back of growing confidence😊 among investors about the future of electric vehicles.
As per analysts, the coronavirus pandemic could even accelerate the speed⏩ at which the world makes a switch over to cleaner fuels and adopt EVs.
This sentiment puts Tesla firmly in a very strong position✌️ as it is significantly ahead of its rivals in product range, capacity and technology.
Hopes are also high on a so-called “million-mile” battery🔋 being worked on by Tesla’s Chinese supplier, CATL.
It is being said that it will last up to 16 years and will significantly lower the cost🤑 of electric vehicles.