Tesla overtakes Toyota as most valuable carmaker

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Tesla has become the world’s most valuable carmaker, overtaking Japan’s Toyota, after its stock hit a record high.

Shares in the electric carmaker touched $1,134 before falling back, leaving it with a market value of $209.47bn (£165bn).

That is roughly $4bn more than Toyota’s current stock market value.

However, Toyota sold around 30 times more cars last year and its revenues were more than 10 times higher.

Shares in Tesla have surged since the start of 2020 as investors have begun to feel more confident about the future of electric vehicles.