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.