Shares of Tesla surged to a record high in heavy trading on Thursday, with the electric car maker's stock market value exceeding Facebook's for the first time.
Facebook's stock market value was $765 billion after its shares rose about 2 percent, according to Refinitiv data. Tesla, up over 700% in the past 12 months, has become the most valuable auto company in the world by far, despite production that is a fraction of rivals such as Toyota Motor, Volkswagen and General Motors.
Tesla's latest lift came after RBC raised its rating on the stock to "sector perform" from "underperform."
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Tesla market value tops $700 billion for first time'German automakers who once laughed off Elon Musk are now starting to worry'
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Tesla market value crosses $800 billion for the first time
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