Electric vehicles (EVs) are becoming more common on the roads as automakers compete to produce more affordable and efficient models.
One company has outpaced its rival, achieving a valuation higher than some of the largest and well-known car manufacturers.
Tesla is the most valuable automaker in the world, with a market capitalization nearing £1 trillion, exceeding the combined worth of Toyota (£185 billion) and Ferrari (£61 billion), as per Express UK.
Founded in 2003, the company has played a leading role in the electric vehicle revolution.
Tesla’s growth has been fuelled by improvements in battery technology, self driving capabilities and its growing global reach.
As per the reports, the rise of Tesla comes amid increasing competition from Chinese automakers like BYD and Xiaomi which are rapidly expanding in the EV market.
Chinese companies have introduced much more affordable electric vehicles, costing only about 25% of a base Tesla Model 3. China has a strong grip on the EV battery supply chain.
Despite rising competition, Tesla still holds the highest market value.
The cheapest Tesla Model 3 costs $42,490. The Model 3 is the smaller of Tesla’s two sedans and its smallest vehicle overall.
