Stock Surge Makes Tesla the World's Most Valuable Automaker
Freeman writes:
https://arstechnica.com/cars/2020/07/stock-surge-makes-tesla-the-worlds-most-valuable-automaker/:
Tesla stock leaps again on unexpectedly strong delivery numbersOne share of Tesla stock traded for more than $1,130 on Wednesday, pushing the company's market capitalization to nearly $210 billion. That sent Tesla's market cap past Toyota, which is worth either $170 billion or $203 billion, depending on how you count it. Tesla is now the world's most valuable car company.
It's a remarkable milestone for a company that sells far fewer cars than its leading rivals. Toyota and its subsidiaries sold 10.7 million vehicles in 2019, while Volkswagen and its subsidiaries sold almost 11 million vehicles. Tesla sold a comparatively tiny 367,500 vehicles last year.
Freeman writes:
Tesla has surprised Wall Street again with better-than-expected delivery numbers. The electric carmaker delivered 90,650 vehicles in the second quarter of 2020, up slightly from the 88,400 vehicles delivered in the first quarter. This despite the fact that Tesla's main factory in Fremont, California, was shut down by county officials for the first half of the quarter.
Tesla's stock leapt at the news. After closing at a record high of $1,120 yesterday, Tesla's shares rose above $1,200 in pre-market trading on Thursday morning.
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