Shares of Tesla Inc. were up 3.5% in trading as of Wednesday, pushing the electric car maker past Toyota Motor Corp. in company valuation and into the top spot as most valuable automobile manufacturer in the world.
Tesla stock has more than doubled in value in 2020, and the company value was $207.2 billion Wednesday. Toyota stood at $201.9 billion.
Tesla has been public for 10 years. It moved past Volkswagen AG in January, into the rank of second most valuable, but has since attained a value double that of Volkswagen.
In the first quarter of 2020, Toyota produced nearly 2.4 million vehicles, while Tesla made 103,000 automobiles.