Fresh from the successful launch of his SpaceX project, Tesla founder Elon Musk has seen shares in his car company go beyond $1,000.

With a valuation of $190bn, the innovative electric car company has now overtaken Toyota as the most valuable car company and has a value more than Ford, General Motors, Honda and Fiat Chrysler put together.

According to a report in The Telegraph, Tesla’s latest share surge comes off the back of an email Musk sent to staff this week announcing that the company’s HGV was ready to go into mass production.

Tesla’s rise goes against the tide for the motor industry with many major manufacturers still struggling through the Covid-19 pandemic, however the company’s bounceback was predicted by analysts at the start of the year in a report which suggested that the big car companies would be hit. Though Tesla’s shares did take a hit through the coronavirus crisis, closing their factories in California and New York, they have demonstrated resilience to continue growth.

A report from GlobalData in March predicted as much: “Top-of-the-ranking Tesla is fortunate to have only just started production in China.

“If you didn't have much to lose you can't lose too much. Second-placed Toyota benefits from a pretty diverse geographical footprint,” said GlobalData’s Calum MacRae commenting on how Covid-19 might affect the industry.

The company is also rumoured to be investigating the viability of ‘Gigafactory’ near Bristol.

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