Electric vehicle and solar products manufacturer Tesla has become the world’s most valuable automaker surpassing the industry giants such as Honda, Toyota and Volkswagen. Founded in 2003, Tesla has grown synonymous with their electric vehicles driven by solar power along with its eccentric CEO Elon Musk.
Tesla’s growth has been nothing short of impressive as the company’s value has grown 375% compared to that of last year. The highly coveted model S and model 3 has raised 2019 sales by Tesla to more than double to that of the combined sales from the past two years. This was driven by the current populism surrounding environmentally friendly cars and the fact that Tesla Model S received a 5/5 safety rating for the model from its crash and roll over tests, the first car to receive such a rating.
The current surge in Tesla’s sales is however driven by competition against Semi-truck producer Nikola, which is also named after the legendary scientist Nikola tesla after whom both companies were named. In a leaked memo, CEO Elon Musk urged his staff to go “all out” on producing a full electric semi-truck creating massive hype and interest amongst the two companies. Nikola has also capitalized on the competition to boost investor confidence raising their value to $24billion, bringing them on par to veteran Ford company.