Tesla bested Volkswagen last week, becoming the world's No. 2 largest automaker by market capitalization. And its soaring stock price, thanks to record sales in 2019 and a new factory in Shanghai, has sealed its place as No. 2. Its market cap hovered around $104.7 billion as of 6 p.m. ET on January 29 — up $2 billion from last week and up 40% from last month. Toyota sits at No. 1, with a market cap of $202.3 billion. Visit Business Insider's homepage for more stories.
Sorry, Volkswagen. Tesla is the No. 2 largest automaker by market capitalization last week. Its ever-soaring stock is sealing its place in the top three in the wake of an earnings beat — at least for now. Tesla's market capitalization, as of January 29, is $104.7 billion. Volkswagen, which was No. 2 until Tesla began its stock tear, has a market cap of $84.9 billion. The No. 1 automaker by market cap is Toyota, and it's sitting at $202.3 billion It's an unprecedented high for Tesla which, in the past year, faced an SEC probe, the departure of key board members, and investor uncertainty that led to one 20-year Wall Street calling Tesla's 2019 second-quarter "one of top debacles we have ever seen." But from October to the present day, Tesla's stock price has doubled. It posted surprise profits in the third quarter, along with a fourth-quarter profit. Record sales in 2019 and the unexpectedly speedy construction of Tesla's first international factory, which is now churning out Model 3s in Shanghai. Production of its crossover, the Model Y, is unexpectedly ahead of schedule, with deliveries slated to kick off by the end of March. While the ultra-high market cap is promising for Elon Musk's electric automaker, Tesla still misses the mark on what just about every other successful company achieves: consistently making money. Tesla's market cap is higher than fellow American carmakers GM's and Ford's combined. SEE ALSO: Tesla stock pops 7% after it had another profitable quarter and said it's ahead of schedule with Model Y production Join the conversation about this story » NOW WATCH: Why Tesla's Model 3 received top crash-test safety ratings