Tesla is worth more than the combined value of the next seven largest car companies globally. The electric-car maker’s market capitalisation sits at more than $800 billion — up from $160 billion a year ago.
Tesla first became the world’s most valuable car manufacturer in June 2020 and showed no signs of slowing its trajectory towards joining Apple and other big tech companies with a market capitalisation of $1 trillion.
The sheer growth of Tesla may spell the inevitability of a green revolution in the automotive industry. Toyota, the second-most valuable car manufacturer globally, is steadily increasing its electric vehicle (EV) output. In 2019, the company produced more than nine million cars, including almost two million EVs, hybrids and plug-in hybrids. In 2020, it made 10,000 EVs and planned to increase this to 30,000 in 2021.
China’s push into EVs saw the government hand out billions of dollars in subsidies to develop lithium-ion battery technology, fueling domestic car manufacturers Byd and Nio. In 2019, Byd built more than 147,000 EVs.
Volkswagen delivered almost three times as many pure-electric vehicles in 2020 as it did the year before — nearly 134,000 EVs, and 212,000 hybrids and plug-in hybrids.
VW Group brands anticipate sales of 22 million EVs by the end of the 2020s, with considerable focus on component sharing and cost-cutting — for instance, using an all-steel platform that’s much cheaper than a lightweight aluminium alternative.