Tesla are now the world’s second most valuable car manufacturer, pushing Volkswagen down to third place.

Tesla sit behind Toyota, who at a market value of $2230.95bn are comfortable at the top of the market.

Recently Tesla has seen a dramatic rise in their share prices, rising 4% on Wednesday alone, and doubling since October to push their market value to over $100bn.

Some analysts say that the rise in price reflects Tesla’s performance over the past six months, with them opening a factory in Shanghai and meeting all of their production goals.

This month Tesla announced delivery of over 367,500 in the last year which is up 50% from 2018, and this next year they’re projected to deliver even more with the new factory acting as a link to Asian markets.

Chief Elon Musk is set to collect billions in pay tied to hitting the target, if they maintain their $100bn valuation. With a package that calls for Mr Musk to receive payouts in shares over the next 10 years provided Tesla maintain the value for a month and then six-month average.

The company is due to report to investors this month with its latest quarterly results.

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