The extended run up of Tesla’s stock carried it past its Detroit rivals some time ago, but the push into its current territory above $1,000 a share has helped it topple the “king” – Toyota – as the world’s most valuable automaker.
The move could be seen by many, perhaps rightfully, as a changing of the guard: electric vehicles versus gas-powered vehicles.
Tesla shares jumped 3.7% in trading Wednesday, meaning its market capitalization exceeded $207 billion, surpassing Toyota’s nearly $202 billion. The stock was trading in the $1,118 to $1,120 range midafternoon. It opened today at $1,083 a share.
The latest push comes after it was revealed that Chief Executive Officer Elon Musk emailed employees, imploring them to put on a big push at the end of the quarter and that could help the California-based EV maker break even for the second quarter — a result other automakers might actually kill to replicate.
“Breaking even is looking super tight. Really makes a difference for every car you build and deliver. Please go all out to ensure victory!” wrote Musk, according to website Electrek. Tesla’s expected to its second-quarter sales results this week.
Tesla’s not been the only example of strong results for the battery-electric crowd. Potential rival Nikola Inc. saw its market cap exceed that of Ford Motor Co.
The company is taking orders for its Badger electric pickup truck, which will be available in two versions. One is powered by an EV battery and has a 300-mile range while the other is powered by fuel cells with a 600-mile range. It’ll cost $5,000 to reserve the new truck, which is expected to arrive in December.
Additionally, the aforementioned Toyota saw sales of its top-selling RAV4 SUV establish a new benchmark in June. The company said the hybrid version of outsold the automaker’s gas-powered version.
Meanwhile, Tesla’s stock price kept up its torrid pace upward as the company announced its full-self-driving package is also on the rise: pushing to $8,000. Musk has been saying this would happen for a few months now – it was $7,000 before this – and that it will continue to rise as it gets closer to being reality, which he’s been predicting for nearly two years now.
Just a few days after Musk set the date for the company’s Battery Day, it was discovered the EV maker wants to build a battery research and manufacturing center at its Fremont, California plant, a project that is code named Roadrunner.