Tesla surpasses Boeing, is now the most valuable industrial firm in the US
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It's been a pretty big few days for Tesla. First, the firm produced its 1,000,000th car — a feat some may have considered impossible just a few short years ago.
Now, it's also been confirmed that Tesla is America's most valuable industrial firm.
As reported by Bloomberg, Tesla's market capitalization recently hit US$107billion. This is US$15billion more than the former leader of th pack; Boeing.
Boeing's stocks have been on the downward slide following its own recent scandals and the impacts of coronavirus. But nevertheless, Tesla's now position at the top will be something worth celebrating.
Bloomberg reports that Tesla's share prices have "surged" by 52 per cent this year, largely due to back-toback quarters of surprisingly healthy earnings.
That growth reportedly places Tesla ahead of Volkswagen AG, and behind only Toyota in the global automotive value stakes.
It's worth noting of course that values of stocks don't necessarily indicate profitability, of which Tesla still lags behind. It's the American EV company's image as next-generation innovator and market leader that instead pushes investor interest.
The pressure is on the Model Y to turn interest into profits when it debuts this month.