New York (AFP)

High-end electric vehicle maker Tesla on Wednesday became the most expensive global automotive company on the stock market, overtaking Toyota, even though Elon Musk's company sells far fewer cars than its Japanese competitor.

Tesla's market value stood at $ 207.7 billion in New York City at the close on Wednesday, more than Toyota's $ 202.5 billion.

The action of the Californian company, listed on the Nasdaq, ended at 1,119.63 dollars (+ 3.69%), a new record.

It will only take Tesla a few months to double its market capitalization which reached $ 100 billion on January 22.

In contrast to Tesla's meteoric rise, traditional American manufacturers, General Motors and Fiat Chrysler on Wednesday published Q2 sales figures which, not surprisingly, show a drop of more than a third in the United States, where buyers were confined to their homes for much of the time in an attempt to stem the Covid-19 pandemic.

But they both noted a thrill in demand in June when the restrictions were lifted.

Tesla, which is also set to release sales figures this week, still plans to deliver more than half a million cars in 2020 despite the pandemic.

A figure much lower than those of Toyota, which sold nearly 10.5 million cars last year.

The Elon Musk brand is notably associated with technological innovation and the protection of the planet, with its promise that its vehicles are and will remain the most ecological on the market.

Tesla has also proven that it can mass-produce a vehicle, despite the difficulties encountered with its entry-level model, the Model 3.

In addition, the group is now directly present on the huge Chinese market with its giant Shanghai factory which allows it to gain momentum and escape the vagaries of the trade war between Washington and Beijing.

- From June 10 -

Several commentators had indicated in June that Tesla had risen to the number one stock market among car manufacturers. And Elon Musk, the fanciful boss of the company, had even "liked" a tweet congratulating him on this feat.

This time lag is due to the methods of calculating the market capitalization of a company, which corresponds to the number of shares in circulation multiplied by the value of the security at a given time.

Like other Japanese groups, Toyota has stored a large number of shares in recent years, intended for buyback programs. These titles are not always taken into account when calculating the market value of the company.

By not including them in the calculation, it is therefore possible to consider that Tesla has overtaken Toyota on the stock market as of June 10.

General Motors and Fiat Chrysler saw their sales fall but the two manufacturers noted a recovery at the end of the period when the economy gradually reopened.

GM, the number one automotive company in the United States, saw its sales plummet by a third compared to the second quarter of 2019, at 492,484 units, according to a press release issued on Wednesday.

The auto giant had to stop production for almost two months due to the Covid-19 pandemic, but has now returned to normal in most of its factories, he said.

Fiat Chrysler, for its part, saw sales fall by 39% to 367,086 vehicles, compared to the 2nd quarter of 2019.

"This quarter demonstrates the resilience of the American consumer," said US sales manager Jeff Kommor.

"Retail sales have rebounded since April, consumers being encouraged to buy by the reopening of the economy, the stability of gas prices and the low interest rates," he said. he adds.

Ford, the number two in the United States, is to publish sales figures later.

© 2020 AFP