Tesla has surpassed Toyota to become the most valuable automaker in the world. According to Visual Capitalist, the Elon Musk-led outfit is currently valued at $183 billion, while Toyota is now the second most valuable car company at $176 billion.

Volkswagen and its $84 billion currently sit in third position, while Honda and Daimler round out the top five at $45 billion and $44 billion, respectively.

Tesla has increased its value by 375 percent since this time last year. Following a stock surge in January, the company became worth more than Ford and GM combined. Visual Capitalist also points out that Tesla sold more cars in 2019 than it did the two previous years combined.

A large reason why Tesla's value continues to skyrocket is an increase in its production capacity. While the company remains steadfast in opening new factories in the US, it is also expanding globally with Gigafactories in Berlin and Shanghai.

Furthermore, Musk and Tesla remain focused on producing electric semi-trucks. They aren't the only ones, however, as rival electric car company, Nikola, eyes the same goal. Nikola has yet to produce a vehicle, but is already valued at $24 billion.

Highsnobiety