Tesla officially become the world’s most valuable automaker Wednesday, an incredible accomplishment for a company that has spent 17 years leading the transition to electric vehicles.
Tesla’s stock hit $1,000 per share Wednesday morning for the first time after reports that the Tesla Semi is nearing “volume production.” The stock bump pushed Tesla past Toyota Motor Corporation to claim the most-valuable.
Tesla market capitalization crossed $185 billion. Toyota’s $178 billion market cap ranks second, with Volkswagen at third with an $85.53 billion market cap.
It’s worth noting that investors see promise in Tesla beyond cars. The company continues to innovate in solar, energy storage, and other emerging business lines. International expansion is also progressing nicely, with a new factory in Shanghai, another being constructed near Berlin, and rumors of a third to be built in the U.K.
Tesla’s stock was trading at $1,025 at price time.