At the beginning of the summer 2020 season, Tesla bypassed Toyota by capitalization in the securities market. Thanks to this, it was included in the list of one of the most expensive car companies in the world. Analysts attribute this success to the fact that, despite measures against the coronavirus, Tesla has been generating revenue for three quarters in a row.
The electric vehicle maker is currently valued at $ 274 billion. in the financial market. According to the CEO of Volkswagen Group, Herbert Diess, this is not the limit of the company from California.
“Elon Musk has achieved unexpected results, proving that the production of electric vehicles can be profitable. Tesla is one of the few manufacturers as well Porschewhich did not allow the pandemic to bring them losses. For me, this is confirmation that after 5-10 years Tesla shares will become the leader in the stock market, "explained Diss.
Currently, the company with the largest market cap is Apple, which is valued at $ 1,62 trillion. To get around these numbers, Tesla must triple its share price. As for Volkswagen, the Wolfsburg-based manufacturer is valued at $ 6 billion.
In the same time Hyundai Motor announced that they did not properly assess the potential of electric vehicles and therefore did not predict Tesla's success. The group is deeply concerned about the success of the Model 3, which has become the best-selling electric vehicle in South Korea, overtaking the Hyundai Kona. In addition, Tesla itself is now 10 times more expensive than Hyundai, which greatly worries the shareholders of the Korean auto giant.
The company was not worried as long as Tesla produced premium electric vehicles, according to Reuters. The launch of the Model 3 and the success it has achieved have prompted Hyundai executives to radically change their minds about the future of electric vehicles.
To try to catch up, Hyundai is preparing two new electric models that are built from the ground up and are not versions of petrol models like the Kona Electric. The first of them will be released next year, and the second in 2024. These will be entire families of electric vehicles that will be marketed under the Kia brand.