Tesla overtakes Toyota to become world's most valuable vehicle maker

Andrew Cummings
July 3, 2020

The surprise delivery number came a day after the company became the WORLD'S highest-valued automaker ON THE STOCK MARKET, surpassing former front-runner Toyota.

Tesla jumped as much as 4% to a market capitalization of $206 billion, while Toyota fell as much as 1% to a market capitalization of $203 billion.

Tesla delivered 90,650 vehicles during the second quarter, a triumph during the pandemic that bested Wall Street estimates.

The electric auto maker said it delivered 90,650 vehicles during the quarter well ahead of the 72,000 analysts expected. The company said it shipped 80,050 units of its new Model Y sport utility vehicle and Model 3 sedan. The remaining 10,600 were its more expensive Model S and Model X vehicles. Almost 16,200 Teslas were registered in China in April and May combined, with June figures still outstanding. A consensus of analysts surveyed by FaceSet expected Tesla to deliver 72,000 vehicles in the second quarter.

Although Tesla didn't break down production from its Fremont, California, facility, the company clearly didn't have the same success there pushing ahead, as CEO Elon Musk clashed with local health officials over coronavirus stay-at-home orders and threatened to leave California. Localizing production in China is helping Chief Executive Officer Elon Musk reach more customers in the world's largest electric vehicle market by lowering prices.

Other major automakers posted lower USA monthly or quarterly new vehicle sales on Wednesday due in large part to weak fleet orders, but said consumer demand remained robust despite the continuing coronavirus pandemic.

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