Tesla closing the gap on Toyota as most-valuable car company, Musk marks milestone with a meme

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News about Tesla's Semi truck pushed its shares up, but the brand's best-selling model is still the Model 3 sedan.
Tung Nguyen
News Editor
14 Jun 2020
2 min read

Tesla’s share price shot up above $US1000 for the first time last week, putting its market valuation at more than $US190 billion to be the second-most valuable car company in the world behind Toyota ($US210.5 billion).

Cementing its place above the likes of Ford, Volkswagen, General Motors and Nissan, Tesla’s share price has since dropped down to $US972.84 at the time of writing.

Why the surge?

Well as is almost normal for Tesla now, the share price jumped due a tweet from the brand’s founder Elon Musk confirming a leaked email that the Semi truck is gearing up for ā€œvolume productionā€.

No timeframe has been given for the increased production of the truck.

In reaction to the news, one of Mr Musk’s followers tweeted ā€œtell us what happenedā€, to which he replied ā€œStonksā€, a word in a meme that mocks the unpredictability of the share market.

Tesla is also gearing up for to rollout new battery technology that will supposed improve driving range and lower costs for its future vehicles.

At present, its portfolio includes the Model S sedan, Model X SUV, Model 3 mid-sizer and upcoming Model Y crossover. Plans are also place to bring to market production versions of a new Roadster sports car and Cybertruck pick-up – the latter of which will spawn a smaller Ford Ranger-rivalling ute.

Tung Nguyen
News Editor
Having studied journalism at Monash University, Tung started his motoring journalism career more than a decade ago at established publications like Carsales and Wheels magazine. Since then, he has risen through the ranks at GoAuto to Managing Editor before joining the CarsGuide team in 2019 as the newly-appointed News Editor. Since starting at CarsGuide, Tung has spearheaded the push for well-researched and unique stories that will shines a light on the automotive industry for new-car-buying intenders, who might struggle to keep up to date with the fast-paced environment of motoring. The last few years alone have seen an explosion of interest in electric cars, as well as a push for autonomous driving, and as News Editor, it is Tung’s job to stay abreast of all the latest and deliver stories worthy of CarsGuide growing audience.
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