Tesla Has Surpassed Toyota As The World’s Most Valuable Automaker

Whether you’re a fan of Tesla or not, there’s no denying the automaker has made its way in the automotive industry.

As the stock market rallied, Tesla Inc, became the highest-valued automaker on Wednesday as its shares surged to record highs. The electric carmaker’s rise overtook former front runner, Toyota Motors Corp, according to Reuters.

As of Wednesday, Tesla shares gained 5% to a record of $1,133, which boosted the company’s market cap to $209.47 billion, approximately $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 and Ford.