Tesla world’s most valuable carmaker

Tesla’s stock has surged above US$1,000 (NZ$1,538), taking it past Toyota as the world’s most valuable carmaker.

Shares of Elon Musk’s company spiked more than eight per cent on June 10 after he revealed Tesla was ramping up plans to mass produce a semi-trailer truck. 

The chief executive sent an email to staff ahead of markets opening that day announcing it is “time to go all out and bring the Tesla Semi to volume production”, the New York Post reports. 

Subsequently, Tesla’s stock climbed to US$1,025.05 a share, giving it a market capitalisation of US$190 billion.

Tesla became more valuable in January than America’s two largest carmakers combined – Ford is valued at US$27b and General Motors at US$41b – but the latest stock surge means it eclipsed Toyota’s market capitalisation of US$182b.

The jump on the market also means Musk’s net worth grew by US$2.4b to US$42.9b.

Tesla shares were worth US$212 in June 2019 but the company delivered a profit in October last year and has followed that up with three straight profitable quarters.

Musk gave no indication of a time frame for accelerating production of the futuristic, battery-powered Semi, a prototype of which was first unveiled in 2017.

However, in an investor call this year he hinted the first deliveries of the Semi would happen in 2021.