Share over $1000: Tesla becomes the most valuable automaker in the world

Tesla’s stock rises above $1,000 for the first time. The electrical pioneer from California is now more valuable than Toyota and Volkswagen.

Tesla shares broke the $1,000 mark on Wednesday for the first time since going public ten years ago. At its peak, the share price of the US electric car manufacturer soared by 9 percent to just over $1027. The price has almost tripled since the fall of the Tesla share in the wake of the global corona stock market crash to $350 in mid-March.

The company of the bustling CEO and major shareholder Elon Musk is currently valued on the stock exchange at around $187 billion. The world’s most valuable automaker, Toyota, was valued at $182 billion on Wednesday. The three German carmakers BMW, Daimler and Volkswagen together bring it to just under 156 billion euros ($177 billion equivalent).

The course driver was an email from Musk to the employees on Wednesday, in which he promised the mass production of electrically operated Semi trucks. The batteries and the electric drive for these vehicles are to be manufactured in the factory in the state of Nevada.

Tesla stock price chart as of Wednesday close (2020-06-10)

The course rally in October really got going. At that time, the Californians surprised with a quarterly profit. In view of the high costs of the expansion, many experts did not believe the group could do this. Most recently, with the third quarterly profit in a row, the company posted its longest stretch of profitability since it was founded in 2003.

The successful series recently also gave company boss Musk, who is driving Tesla’s expansion with the planned gigafactory in Brandenburg near Berlin, a big payday. The star entrepreneur had earned the hundreds of millions of dollars in the first tranche of a highly endowed long-term compensation plan, which is linked to the achievement of certain targets, for example in terms of market value or sales development.

Author: Nabeel K

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