From Around The Web

Tesla became the world’s most valuable automaker on Wednesday, after the electric vehicle company’s market capitalization surpassed Toyota’s for the first time on record.

Shares of Tesla gained 5% to hit a new all-time high of $1,135, giving the company a valuation of roughly $206.5 billion, compared with Toyota’s valuation of about $202 billion.

The milestone underscores the vast investor enthusiasm for Elon Musk’s automaker, which has yet to turn a profit on an annual basis. The stock has more than doubled this year, surging 170%, as investors continue to pile into the name.

While Tesla may have exceeded Toyota on one metric, on actual car production it lags the Japan-based company by a wide margin.