This archive report was first published on 2 July 2020.
On July 1, 2020, Tesla achieved a historic milestone, surpassing Toyota to become the world's most valuable automaker. The electric car maker's shares rose nearly 4% to hit an all-time high of $1,129.18, driving the company's market capitalization to about $208 billion.
This achievement surpassed Toyota's market cap of about $202.74 billion. However, when debt is included, Toyota is still worth more at $284 billion compared to Tesla's $207 billion enterprise value.
While Tesla may have exceeded Toyota on market value, it still lags behind in actual car production. In the first quarter of 2020, Tesla produced 103,000 vehicles, which is about 4% of the almost 2.4 million made by Toyota in the same period.
Toyota sold 10.46 million vehicles during its 2019 financial year, ending on March 31, 2020, and reported net revenues of roughly $281.20 billion during that time. In comparison, Tesla ended 2019 with $24.6 billion in revenues, having delivered 367,200 vehicles last year.
As of January 2020, Tesla had crossed the $100 billion stock market evaluation, becoming the first US car manufacturing company to hit the mark. It then became the world's second-most valuable automaker after surpassing Volkswagen AG.
Tesla is an American automotive and energy company based in Palo Alto, California. The company specializes in electric car manufacturing and, through its SolarCity subsidiary, solar panel manufacturing. It operates multiple production and assembly plants, such as Gigafactory near Reno, Nevada, and its main vehicle manufacturing facility in Fremont, California.
