Tesla’s winning streak continues—even amid an official pandemic. The California-based EV automaker is now the country’s most valuable industrial company after besting aerospace giant Boeing.
Tesla’s market valuation surpassed Boeing’s by more than $10 billion on Wednesday morning, according to Bloomberg. The news is yet another laurel for the car manufacturer and CEO Elon Musk, especially considering that the gap between the two companies was $200 billion only a year ago.
Tesla’s value has ballooned in recent months, surpassing nearly all of its major rivals. The company’s shares have surged 52 percent this year alone, following two straight quarters of earnings that beat expectations. In January, the company became the first US automaker to top the $100 billion mark, making it worth more than General Motors and Ford combined. That month also marked the first time Tesla surpassed Volkswagen, making it the world’s No. 2 automaker behind only Toyota.
Surpassing Boeing in value is a notable win for the CEO. The aerospace company, after all, isn’t just a market juggernaut; it competes directly with Tesla’s emerging Space X company in the rocket-launch sector.
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