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Tesla is just one step away from becoming the largest automaker

June 11, 2020

The US company led by Elon Musk has so far grown by 145% this year and is about to exceed Toyota’s market capitalization.

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Tesla is just one step away from becoming the largest automakerTesla is just one step away from becoming the largest automaker


TeslaThe American company, led by Elon Musk, wants to take the crown off Toyota as the largest automaker in the world. California’s electric car maker stocks already exceed $ 1,000 per share, up 145% in 2020 and reach a market cap of $ 190,000 million.

In this way, the gap to Toyota has narrowed at a dizzying pace in the past few months, and only about $ 20,000 million separate them.

The Palo Alto, California-based electric car maker produced 103,000 vehicles in the first quarter, or approximately 4% of the nearly 2.4 million vehicles manufactured by Toyota.

Tesla’s performance was also fueled by the hype of the recent IPO of Nikola Corp., a manufacturer of trucks with hydrogen fuel cells and electric batteries.

Toyota predicts an 80% drop in earnings this year and expects the automotive market to last until the first half of next year before recovering to pre-pandemic levels. So far, the Toyota share has fallen by 10% this year and is around 17% below the record level of 2015.