Tesla Rides On Clean Energy To Become World's Most Valued Automaker

Tesla crushes coronavirus delivery expectations stock soars

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

In the period from April to May 2020, Tesla delivered 90,650 vehicles globally-more than the total of 88,496 vehicles it delivered in January through March. As of this writing, the company has already surpassed Toyota in terms of stock market value, officially making it the world's most valuable carmaker.

In its announcement, Tesla said it delivered 90,650 vehicles during Q2, of which 80,050 were Models 3 and Y vehicles, while 10,600 were Models S and X. SEC and Tesla reached a settlement with Musk put on restriction.

Yesterday, Tesla's share price soared by almost 8% after closing at a record $1,208.66, after the company's second-quarter delivery figures showed that it had delivered over 90,000 cars between April to June - beating every Wall Street estimate on the docket. That figure puts its worth $6 billion ahead of where investors now have Toyota positioned.

The company says it delivered 90,650 vehicles from April through June as it rolled out the new Model Y SUV in the USA and China. With the recent surge in the stock price, the company's valuation inched up to $224 billion making it the world's most valuable auto company.

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The scheme appears to have worked in the second quarter, which could prompt analysts to place loftier expectations on Tesla for the remainder of the year.

Tesla's California plant resumed operations in California on May 11, after a bit of a contentious start that saw Musk initially trying to reopen the plant earlier and without approval of local government officials. Despite the current COVID-19 pandemic, reports of future unprecedented record performance and limited profits are still unfounded, however.

On June 24, Tesla's investor-relations team shared a collection of delivery estimates that found analysts on average were expecting the company to hand over about 70,300 vehicles to customers. These numbers were high considering the coronavirus pandemic was at its peak during the last few months and production facilities were witnessing disruptions.

"While our main factory in Fremont was shut down for much of the quarter, we have successfully ramped production back to prior levels", the automaker said in a statement. Rumors indicate that Austin, Texas is a strong candidate for Tesla's new factory.

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