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Tesla becomes highest-valued automaker as shares surge, overtakes Toyota

Tesla shares gained 5% in early morning trade to a record of $1,133, boosting the company's market cap to $209.47 billion

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After several years of losses, Tesla has delivered three straight profitable quarters since the third quarter of 2019 and surprised investors with solid first-quarter deliveries despite the virus outbreak.

Reuters

2 min read Last Updated : Jul 02 2020 | 4:03 AM IST

Tesla Inc on Wednesday became the highest-valued automaker as its shares surged to record highs and the electric carmaker's market capitalization overtook that of former front runner Toyota Motors Corp.

Tesla shares gained 5% in early morning trade to a record of $1,133, boosting the company's market cap to $209.47 billion - roughly $6 billion more than Toyota is currently valued by investors.Tesla is now worth more than triple the combined value of U.S. automakers General Motors Co and Ford Motor Co .

The shares' meteoric rise, up more than 163% since the start of 2020, highlight growing confidence among

Topics : Tesla Inc Toyota Motor

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