Tesla has reached a new milestone with its market capitalization soaring to $1.5 trillion, following a significant rise in its stock price after Donald Trump’s victory in the 2024 U.S. presidential election. As of December 18, 2024, Tesla’s valuation now accounts for nearly 50% of the total market capitalization of all global automakers, highlighting the company’s dominance in the automotive industry.
According to the latest data from CompaniesMarketCap.com, Tesla is far ahead of its competitors in terms of market value. With a valuation of $1.4 trillion, Tesla holds an astonishing 48.3% share of the global auto market. In contrast, the next largest automaker, Toyota, is valued at $231 billion, just 8% of Tesla’s market cap.
The top 10 most valuable automakers worldwide as of December 13, 2024, include:
- Tesla – $1.4 trillion (USA) – 48.3%
- Toyota – $231 billion (Japan) – 8.0%
- BYD – $107 billion (China) – 3.7%
- Xiaomi – $98 billion (China) – 3.4%
- Ferrari – $81 billion (Italy) – 2.8%
- Mercedes-Benz – $63 billion (Germany) – 2.2%
- Porsche – $58 billion (Germany) – 2.0%
- General Motors – $58 billion (USA) – 2.0%
- BMW – $51 billion (Germany) – 1.8%
- Volkswagen – $48 billion (Germany) – 1.7%
Despite trailing far behind in terms of production numbers, Tesla’s market value surpasses the combined total of the next 29 automakers on the list. While Tesla sold 1.8 million vehicles in 2023, Toyota, for example, sold 11.2 million vehicles in the same period. This stark difference between production and market cap has sparked debates about Tesla’s stock valuation being driven more by future potential than current output.
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Elon Musk’s growing influence, particularly his close relationship with President Trump, is seen as a key factor behind Tesla’s impressive market performance. Investors are optimistic that Musk’s ties with Trump and potential corporate tax cuts will benefit U.S. manufacturers like Tesla. Additionally, the company’s advancements in autonomous vehicle technology, including its Robotaxi and Full Self-Driving (FSD) projects, have fueled expectations of continued growth. Tesla’s stock has surged 57% year-to-date.
Musk’s personal wealth has also skyrocketed with Tesla’s rise. As of December 2024, his net worth reached a staggering $462 billion, solidifying his position as the richest person on Earth, far ahead of Amazon’s Jeff Bezos, who holds second place with a net worth of $243 billion.
Tesla’s remarkable market cap is reshaping the landscape of the global automotive industry, highlighting the growing influence of electric vehicles and the future of autonomous driving technology.
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