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Tesla overtakes Volkswagen as world's second most valuable carmaker | IOL Business Report

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Tesla has overtaken Germany’s Volkswagen as the world’s second most valuable carmaker behind Japan’s Toyota, as the meteoric rise in the US electric vehicle maker’s shares reshuffles the global market.

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The carmaker's stock has more than doubled in value in the last three months, with its market capitalization piercing $100 billion on Wednesday, a first for a listed US automaker. During the rally, its value has leapfrogged more established global rivals: Honda, BMW, General Motors and Daimler. On Wednesday, it eclipsed VW’s $99.4 billion value.The recent gains have been fueled by a surprise third-quarter profit, progress at a new factory in China and better-than-expected car deliveries in the fourth quarter.

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