Tesla reaches over $ 460 billion in capitalization

This figure is almost seven times higher than that of Ferrari, Porsche and Aston Martin combined. The coronavirus epidemic has affected many industries, but the automotive industry has been hit hardest. After automakers halted production and dealerships closed showrooms due to the COVID-19 blockade, global car sales fell worse than ever. However, the luxury car market has been less affected by the financial crisis caused by the coronavirus pandemic.

The market capitalization of the world's most valuable car company, Tesla, hit more than $460 billion this week, almost seven times that of Ferrari, Porsche and Aston Martin combined, according to StockApps.com.

Tesla's market cap jumped 513% since January

2020 despite the impact of COVID-19 on the global automotive industry.

The company's share price has risen nearly 200% in the past three months and about 500% over the same period last year, despite a 4,9% drop in the second quarter of 2020.

Part of the reason for the award is Tesla's ability to convince investors that it is much more than just a car manufacturer, and plans to make its vehicles integrate into robotaxi's autonomous travel-sharing service prove that.

According to YCharts, in December 2019, the market capitalization of the world's most valuable auto company was $ 75,7 billion. At the end of the first quarter of 2020, this figure rose to $ 96,9 billion, despite the crisis with COVID-19. Statistics show that Tesla's market capitalization grew 107% over the next three months, reaching $ 200,8 billion by the end of June. It jumped more than $ 460 billion earlier this week, four times the market capitalization of IBM. Tesla's market capitalization has grown by 513% since the beginning of the year.

In 2020, Ferrari's market capitalization has increased by $ 7,1 billion.

The rupture of the COVID-19 pandemic dealt a significant blow to Italian supercar manufacturer Ferrari (NYSE: RACE), which was forced to close its factories for seven weeks.

The financial report for the second quarter of 2020 showed a 42% decrease in revenue year-on-year and a halving of the number of vehicles due to production and supply interruptions.

The company also narrowed the range of its year-round profit forecasts, with revenues of over 3,4 billion euros from previous forecasts from 3,4 billion euros to 3,6 billion euros and adjusted earnings before interest, taxes, depreciation and amortization. and from 1,07 to 1,12 billion euros.

However, the Italian luxury car maker fared better than most other car manufacturers.

In 2020, the market capitalization of Porsche and Aston Martin fell.

While Tesla and Ferrari have performed well in the coronavirus crisis, other top luxury sports car manufacturers have seen their market capitalization decline since the beginning of the year.

Statistics show that the total value of Porsche shares has fallen 19% in the past eight months, falling from $ 23,1 billion in January to $ 18,7 billion this week.

The financial results for the first half show that sales of the German car manufacturer were down 7,3% year on year to € 12,42 billion. The company reported operating profit of € 1,2 billion and worldwide shipments in the first six months of 2020 fell 12,4% to less than 117 vehicles.

Statistics show that Aston Martin (LON: AML) more than quadrupled its operating losses in the first six months of 2020 following a sharp drop in sales and revenues amid the COVID-19 pandemic. The British sports car maker sold just 1770 vehicles in the first half of the year, while total retail sales fell to £ 1,77 billion, down 41% from last year.

In addition, the company's market capitalization fell by half in 2020, and its total stock fell from $ 1,6 billion in January to $ 760,2 million in August.