Tesla overtakes Volkswagen as world’s second most valuable carmaker

Tesla Inc has overtaken Germany’s Volkswagen as the world’s second most valuable carmaker behind Japan’s Toyota, as the meteoric rise in the US electric vehicle maker’s shares reshuffles the global market.

Tesla’s stock has more than doubled in value in the last three months, with its market capitalization piercing $100 billion on Wednesday, a first for a listed US automaker.

During the rally, its value has leapfrogged more established global rivals: Honda, BMW, General Motors and Daimler. On Wednesday, it eclipsed VW’s $99.4 billion value. Toyota still holds pole position with a market cap of $233 billion.