US electric vehicle maker Tesla became the world's most valuable automaker after surpassing Toyota Motors, it was reported on Wednesday.
The Paulo Alto-based automaker reached the milestone after its stocks skyrocketed to $1,134 on early Wednesday, with the company now valued at £165bn ($209.47bn), or around $4bn more than the Japanese motor company's stocks.
— Sean M Mitchell (@seanmmitchell) July 2, 2020
The news comes after the EV giant earned record high sales of vehicles produced at the company's Gigafactory 3 in Shanghai in May, with over 11,000 new vehicle registrations in China despite the ongoing COVID-19 pandemic.
Tesla stocks also climbed after the company announced a partnership with Swiss mining and commodities behemoth Glencore to boost production in China and a planned Gigafactory near Berlin, according to reports.
California also became the first US state to set targets on emission-free trucks, replacing half of all lorries with new energy vehicles by 2045, affecting domestic as well as European firms such as Volvo, Daimler and Paccar (DAF).