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autoJanuary 10, 2021

Tesla hits market cap of $800 billion for the first time


Shares of Tesla scaled fresh heights on Friday as it jumped as much as 5.6 per cent, pushing the electric-car maker’s market capitalisation to more than $800 billion. The Elon Musk-led electric car maker is inching closer to the trillion dollar club.
The news comes only a day after Musk surpassed the net worth of Amazon chief Jeff Bezos as the richest man alive on the planet. Friday’s session high contributed more than $170 billion to Musk’s net worth. Musk has a 21 per cent stake in Tesla. With the record-high stock market run, Tesla has dwarfed the combined market capitalisation of General Motors, Ford Motor Co and Fiat Chrysler Automobiles, the three Detroit automakers.
In the previous session, Tesla’s market value crossed $774 billion, making it Wall Street’s fifth most valuable company, just behind Google-parent Alphabet Inc and ahead of social media giant Facebook Inc.
The company’s fortunes is an anomaly as the 17-year-old automaker has production that is just a fraction of large rivals by sales such as Toyota, Volkswagen and General Motors.
Meanwhile, Tesla is set to start its operations in India as early as the first half of 2021 and would also look at setting up of a manufacturing unit based on demand.
In October 2020, Musk had said “next year for sure,” while replying to a query on Tesla’s India plans on Twitter. Earlier, the Maharashtra government had said it is looking for potential investment from Tesla in the state and has held discussions with the company.
Maharashtra is already home to a host of domestic and foreign automobile manufacturers with Chakan Industrial belt near Pune a major automobile hub in the state.

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