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Tesla overtakes Volkswagen as world’s second most valuable carmaker – Source Reuters Tech News

(Reuters) – Tesla Inc (TSLA.O) has overtaken Germany’s Volkswagen (VOWG_p.DE) as the world’s second most valuable carmaker behind Japan’s Toyota (7203.T), as the meteoric rise in the U.S. electric vehicle maker’s shares reshuffles the global market.

FILE PHOTO: A Tesla Model X electric car is seen at Brussels Motor Show, Belgium, January 9, 2020. REUTERS/Francois Lenoir

Tesla’s stock has more than doubled in value in the last three months, with its market capitalization piercing $100 billion on Wednesday, a first for a listed U.S. automaker.

During the rally, its value has leapfrogged more established global rivals: Honda (7267.T), BMW (BMWG.DE), General Motors (GM.N) and Daimler (DAIGn.DE). On Wednesday, it eclipsed VW’s $99.4 billion value.

Toyota still holds pole position with a market cap of $233 billion.

The recent gains have been fueled by a surprise third-quarter profit, progress at a new factory in China and better-than-expected car deliveries in the fourth…

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Source Reuters Tech News

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