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Tesla Achieves $702 Billion Valuation, Breathing Down Facebook's Neck 

Tesla has been on a roll most because it managed to achieve a 30 per cent increase in quarter to quarter deliveries

Tesla's valuation is now amongst the highest in the Fortune 500 expand View Photos
Tesla's valuation is now amongst the highest in the Fortune 500

Highlights

  • Tesla's smashing quarter has fuelled a $45 billion jump in its valuation
  • At $702 billion, its valuation is close to Facebook's value
  • Its success has made Musk the second richest person in the world

Last year, Tesla became the highest valued automotive company in the world automotive and now it is scaling new heights after having a record quarter and almost managing to ship 500,000 cars in 2020 despite the pandemic. It has achieved a valuation of $702 billion. This means, Tesla's market capitalisation is also in striking range of surpassing Facebook which currently is sitting pretty at $771.80 billion. Tesla has been on a roll most because it managed to achieve a 30 per cent increase in quarter to quarter deliveries and 61 per cent increase year on year deliveries which is just a mind boggling figure considering the auto industry went through its roughest year in a century thanks to the pandemic. 

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While Tesla is scaling new heights this wasn't always true 

While all of this happened, it also launched a new model called the Model Y and on Friday, that model also made its debut in China. Rumours of an update for the Model S have also ramped up expectations with the sighting of a new prototype. 

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Tesla's success has made Elon Musk the 2nd richest man on the planet 

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2021 is set to be a big year for the company as it prepares to launch the CyberTruck, its first electric pickup truck and also perhaps will launch even the new Roadster which it has detailed as the most powerful electric car on the planet surpassing even the Rimac. 

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