vTesla Inc is close to achieving a $500 billion market capitalisation soon, making it higher than the combined market cap of nine carmakers - General Motors, Ford Motor Company, Fiat Chrysler Automobiles, Honda Motor Company, Hyundai Motor, Daimler AG, Ferrari, BMW and Volkswagen.
As of November 23, Tesla's m-cap was recorded $494.66 billion, according to data by YCharts. Whereas, the combined market cap of one of the world's top-9 carmakers was recorded as $480.62 billion.
The current market cap of General Motors (GM) stands at $64.08 billion, Ford Motor Company ($35.25 billion), Fiat Chrysler ($30.85 billion), Daimler AG ($71.02 billion), Ferrari ($52.09 billion), Honda ($50.26 billion), BMW ($57.91 billion), Volkswagen ($96 billion), and Hyundai Motor ($23.16 billion).
With this, the California-based company is now almost five times more valuable than Volkswagen. Its market cap is more than seven times higher than GM and 14 times higher than Ford Motor.
Tesla's stock has been surging over the past weeks after it announced that it will be joining S&P 500 on December 21. Shares of Tesla rallied 6.58 per cent to $521.85 on Monday in the Nasdaq-100 Index. The stock outperformed its competitors such as Toyota Motor Corp which rose 0.80 per cent to $143.26 and General Motors which jumped to 4.02 per cent to $44.77 yesterday.
Meanwhile, Tesla Inc's founder Elon Musk emerged as the world's second-richest person, surpassing Bill Gates, after its net worth swelled to $127.9 billion. He is just behind Amazon chief Jeff Bezos who boasts $182 billion in net worth.