Ever since California-based electric vehicle (“EV”) maker Tesla (NASDAQ: TSLA) unveiled the Tesla Roadster in 2008 and kickstarted the electric vehicle revolution, it has been on a roll. More than a decade later, Tesla is the largest maker of electric vehicles as well as the most valued carmaker in the world with several EV models already on the road and several more on the way. In line with its history of breaking records, Tesla made history after the Model 3 became the first battery-electric vehicle (“BEV”) to top the European monthly sales chart. On top of that, a massive order from car rental company Hertz saw Tesla’s valuation finally break through the $1 trillion mark.
The past two years have seen the EV maker’s stock market value increase significantly, thanks to investor faith in an electric future. As several governments around the world, including the United States., have pledged to electrify their roads in a bid to cut down on carbon emissions, both EV makers and established automobile companies have put everything they’ve got into developing electric cars amid strict emission standards. Given Tesla’s track record of innovation in the EV space and the relatively high quality of its products, investors have been buying Tesla stock in droves.
Right after Hertz announced the order of 100,000 EVs from Tesla, the EV maker’s share prices surged by more than 12% to a high of $1,025, taking Tesla’s valuation past $1 trillion before falling below the milestone. To stay over the $1 trillion value, Tesla’s shares will have to trade above $995.75.
With this momentary feat, the California-based EV maker joined the company of tech companies such as Amazon, Apple, Facebook and Microsoft, which have also surpassed the trillion-dollar milestone. Apple is the world’s most valuable company at $2.5 trillion followed by Microsoft at $2.3 trillion, Alphabet (Google’s parent company) at $1.8 trillion and Amazon at $1.7 trillion.
Tesla achieved this feat faster than most of the companies in the trillion-dollar club, surpassed only by Facebook, which hit the $1 trillion mark nine years after its IPO, compared to Tesla’s 12 years. On the other hand, it took Apple 37 years, Microsoft took a little more than 33 years, Amazon took 21 years, and Google hit the milestone in 15 years. Furthermore, it is quite common for these companies to reach the $1 trillion mark and then dip below it again.
The growth trajectory Tesla is experiencing may give startups inspiration on what can happen if a company in the EV space comes up with products which touch base with consumers in the nascent industry.
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