Tesla becomes the most valuable car company in the world

12 Jun 2020

Tesla becomes the most valuable car company in the world

Tesla becomes the most valuable car company in the worldElectric carmaker Tesla, owned by Elon Musk (who also founded aerospace company SpaceX) became the most valuable car company in the world on 10 June.

Tesla's stock rose by about 7.6% to US$1,011.65 per share.

This increase of the share price on 10 June helped Tesla go past Japanese carmaker Toyota's value, for a small period of time, on Wednesday.

Toyota is worth about US$182.87 billion, currently. Toyota has been highly accepted and sold car globally for many years.

Another electric car maker Nikola has seen the value of its shares double on the stock market.

All this indicates people's increased interest in electric cars today. Other carmakers like Hyundai, Tata, Honda and Volkswagon also make electric cars.

What are Electric Vehicles (EV)?

An electric vehicle (EV) is one that operates on an electric motor, instead of an engine that generates power by burning a mix of fuel and gases. That means it runs on electricity, not fuel or gas.

EVs are often used to refer to electric cars. But the term 'EV' can also include other road and rail vehicles, surface and underwater vessels, electric aircraft and electric spacecraft.

EVs have been around for more than a hundred years but they have gained more popularity in recent years. They cause less pollution and are seen to be more environment-friendly.

Many governments are also trying to get more people to use electric cars instead of fuel-driven cars.

Electric vehicles are expected to increase from 2% of the global share in 2016 to 22% in 2030.

Here is an interesting video on Electric Cars and Petrol Cars

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Electric carmaker Tesla, owned by Elon Musk (who also founded aerospace company SpaceX) became the most valuable car company in the world on 10 June. […]

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