A surge in Tesla’s stocks resulted to it surpassing Toyota’s market value. The pioneer electric automaker bags the number 1 spot in the ranks. It is no wonder that the American EV brand performs incredibly well in the market. Tesla’s rise went slow at first, overtaking Volkswagen after a successful manufacture of more than one hundred thousand electric vehicles then skyrocketed after one tweet by Elon Musk.
Two things reportedly contributed to the company’s sudden rise in shares. One thing being, just shortly after CEO Elon Musk took to twitter and basically confirmed plans of manufacture of electric Semi trucks. The numbers rose by about 6%, bringing Tesla to a close race against Toyota. Tesla's market capitalization shot through the roof after reports say that Musk has ordered the Tesla team to begin production of Semi trucks. No definite time or schedule was stated by the CEO.
There were debates on the capacity of Tesla’s new ambitious battery technology called Model S contributed to the little push that the company needed to replace Toyota at the top of the ranks. When Tesla subjected the battery tech to EPA for confirmatory tests, it received a negative response. Elon Musk called out the errors made during the run, all of which EPA denied. Though it did not pass the first test run, much to Musk’s surprise, he is determined to enhance said technology and make that 400-mile single charge capacity a reality. Eventually, after submitting more reports, EPA approved the 402-mile rating for Model S.
Toyota’s ineffective strategies pave way for Tesla to plant their vision of electric-powered Semi trucks. Because of the recent debut of Toyota’s gas-electric automobile Prius, they did not have time to gain momentum for their electric cars.
This achievement is the ultimate “comeback” that Tesla needed to regain what they lost last month due to the coronavirus pandemic. The promise of a greater rise from a fall defines Tesla, and it hasn’t disappointed since. The company has been constantly exceeding expectations.