To say that Tesla has been continuously progressing over the years would be an understatement. As of this writing, the company has already surpassed Toyota in terms of stock market value, officially making it the world’s most valuable carmaker.
According to a BBC report, Tesla’s market value recently reached the $209.47 billion mark (more than P10.4 trillion), which is about $4 billion more than that of Toyota’s.
But Tesla breached this milestone not because it was able to sell more vehicles than the Japanese giant. As a matter of fact, the sales figures aren’t even close. In 2019, Tesla reportedly sold 367,200 vehicles whereas Toyota sold around 30 times that figure, posting revenue that was 10 times higher than that of Tesla’s.
The reason Tesla is now more valuable in the stock market is that investor confidence in EVs is said to have risen as of late, the coronavirus pandemic notwithstanding. The company has had three profitable quarters in a row after years of losses, and it maintained this momentum during the first quarter of 2020 in spite of the ongoing global health crisis.
To put things into perspective, Tesla’s current stock market value is now worth about three times the combined value of American carmakers General Motors and Ford. That’s not too shabby at all now, is it?