Tesla has overtaken Toyota to become the world’s most valuable car company.
The California-based electric vehicle maker is now worth almost $206bn, $3bn more than the Japanese automaker.
The moment marks a new high for the company’s stock, which has been rising for the past six months amid better-than expected financial results and vehicle delivery numbers.
Tesla’s valuation briefly overtook Toyota’s last month, but this week the stock rose more consistently to outstrip its Japanese rival.
Initially hit by the Covid-19 outbreak in China, the company recovered quickly, capitalising on demand for its cars in the country, and has been able to reopen all its factories and begin delivering its newest car, the Model Y SUV.
The latest stock surge came after an email from chief executive Elon Musk to his staff was leaked to electric vehicle blog Electrek.
While a profit was once expected, that is now looking less likely, though analysts and Mr Musk are hopeful that the company can avoid a heavy loss.
“Breaking even is looking super tight. Really makes a difference for every car you build and deliver. Please go all out to ensure victory!” he wrote.
It is due to release its newest delivery figures for the second quarter later this week. In the first quarter it delivered 88,400 cars, a record number.
“Our Shanghai factory continued to achieve record levels of production, despite significant setbacks,” the company said when those figures were announced in April.