The vehicle firm helmed by Elon Musk has become the most valuable automobile company in the world as of this week. California-based Tesla hit an all-time high at US$1,080 per share as a result of the marque’s recent influx of sales.

According to a Visual Capitalist report, Tesla’s new value of US$183 billion means the brand overtakes Toyota, the recently second-most-valuable company, which is valued at US$176 billion. Volkswagen comes as the third most, valued at US$84 billion, with Honda and Daimler (Mercedes-Benz) rounding out fourth and fifth in value, sitting at US$45 billion and US$44 billion, respectively.

The landmark for Tesla comes as no surprise after the marque experienced a year of steady growth. Earlier this year, Tesla surpassed the valuation of both GM and Ford combined. In spite of the dip in car sales in response to the global coronavirus pandemic, the California-based automaker’s market cap has grown by more than 375 per cent since last year, rising from a US$38 billion valuation.

The American automaker’s valuation is directly related to the company’s technological innovation as well as Musk’s involvement in many aspects of both consumerism and public interest including the privatisation of space travel. Elon Musk, Tesla and SpaceX have all become common household names.

However, not all financial advisors agree that Tesla’s current market cap automatically means the brand equates to Toyota just yet. “It’s semantics,” Nick Reece, a money manager at Merk Investments, told Financial Post. “Market cap can be defined in different ways. It depends on what you’re trying to get at.”

“However, if you look 10 years down the road and factor in extreme expectations, US$1,000 a share or US$1,100 may be appropriate.”

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