Move over, Toyota, because Tesla is now the most valuable automaker in the world.
That’s correct, a startup electric carmaker that’s only just this year started to turn a regular profit is worth more than Toyota, Volkswagen Group, Honda and Daimler, with a market cap valued at about $185 billion. In fact, Tesla is now worth more than General Motors, Ford and Fiat Chrysler Automobiles combined.
A handy fan-made spreadsheet using Google and Yahoo data to track automaker valuation showed Tesla’s jump to the top spot today. As of this writing, hovers around $1,014 per share, up about $72 from yesterday.
The news puts even more valuation space between Tesla and its US rivals GM, Ford and FCA. As of today, GM is worth about $41 billion, Ford is worth $27 billion and FCA about $20 billion. For a while, the market valued Tesla more than all three, but as the stock continues to climb, the electric carmaker cemented a milestone.
The automaker’s consistent market valuation improvements delivered CEO Elon Musk a payday of approximatelyearlier this year. Musk takes no salary as CEO, but can earn stock options at a low price to sell at the market rate should he so choose.
There’s no real concrete evidence to explain the recent surge, though Wedbush Securities lifted its target share price to $1,000 on Wednesday. The investment firm cited “game-changing” developments as its reason behind the target price lift.
Skepticism over Tesla’s valuation has surrounded the electric carmaker for years. In January, Bank of America analysts predicted a 12-month average stock price of just $350. It did fall to near that level in March, but has rallied impressively. So far, the company has continued to prove the doubters wrong.
Electric truckmaker Nikola — also named for inventor Nikola Tesla —this week, also higher than Ford and FCA, despite never having made a dollar in revenue.