(AFP) - The market capitalization of U.S. electric car giant Tesla surpassed the $700 billion mark for the first time in the U.S. stock market on June 6.
Tesla's stock price closed at $755.98 on the 6th, 2.8% higher than the previous day's close, and its market capitalization at the close reached $717 billion (about 74 trillion yen).
This makes the company's value greater than the combined market capitalization of auto giants General Motors, Ford Motor, Toyota Motor, Honda, Fiat Chrysler Automobiles, and Volkswagen.
Tesla's stock price has jumped more than 700 percent since the beginning of 2020.
Chief Executive Officer Elon Musk earlier announced his strong intention to lower the selling price of Tesla cars, which currently starts at $37,990 (about ¥3.9 million) in the United States. He said that through reforms in battery design, materials and production system, the price could be lowered to $25,000 (about 2.6 million yen) "by the end of three years".