Tesla surpassed Toyota to become the world's most valuable automaker by market capitalization. This was a significant achievement for the electric vehicle (EV) maker, which has been rapidly growing its business and expanding its reach around the world.

Tesla's market capitalization reached over $600 billion in 2020, driven in part by strong demand for its electric vehicles, as well as growing interest from investors and the general public in sustainable and environmentally-friendly transportation.

Despite facing stiff competition from traditional automakers and other new entrants in the EV market, Tesla has continued to grow and expand its business, with plans to build new factories in the United States, Europe, and elsewhere in the coming years.