Tesla dethrones Toyota to become world’s most valuable automaker; hits $1,000 per share

Tesla Logo (REUTERS/Lucas Jackson/File Photo)

Tesla (TSLA) has dethroned Toyota to become the world’s most valuable automaker with its stock recording a new high at $1,000 per share.

The California-based automaker has been rapidly climbing the ranks of the most valuable automakers in the last few years.

While most of its revenue comes from selling cars, Tesla is more than just an automaker due to its growing energy division and its tech-like approach to the automotive business.

Tesla hits $1,000 per share and becomes the most valuable automaker in the world. Congrats @Tesla, @elonmusk, and all $TSLA investors. #Teslapic.twitter.com/wbD4ICZ0t8

— Tesla Daily (@TeslaPodcast) June 10, 2020

Tesla stock jumped 5 percent early morning trading on June 10 after Elon Musk hinted that he’s gearing up for mass production of his highly-anticipated semi-truck.

Musk, in an email, did not specify a time frame for ramping up production of the Semi. However, the Tesla CEO tweeted "Yes" to a question on Twitter about whether the report of the leaked Semi truck production email was accurate.

Tesla had unveiled its plans for an electrically charged hauler for commercial use in 2017.