Tesla became the world’s most valuable automaker by market capitalization.
Tesla was incorporated in 2003 by Martin Eberhard and Marc Tarpenning, with Elon Musk joining soon afterward as a major early investor and becoming chairman. The company’s first production vehicle was the Roadster, introduced in 2008 and based on a modified Lotus Elise platform.
Tesla’s market value rose sharply as investors anticipated growth in battery-electric vehicles, charging infrastructure, software, and energy storage. The Model 3 and Model Y expanded the company’s sales beyond the expensive early Roadster and Model S.
Tesla’s market-cap leadership differs from rankings by vehicle production or annual sales. Traditional automakers such as Toyota and Volkswagen have often produced more vehicles, while Tesla’s share price reflected expectations about future growth and technology as well as current results.