Tesla overtakes Toyota as most valuable car maker

Tesla stock surged overnight in US trading, surpassing Toyota as the most valuable car maker in the world. Shares of the American electric vehicle manufacturer climbed by five per cent in early trading to a record US$1133, giving the company a market value of US$209.5 billion. Toyota is valued at US$202 billion. Despite Tesla having never reported a full year of profit and selling only 367,200 vehicles last year, investors regarded the manufacturer as being more valuable than Toyota.