The coronavirus outbreak has affected many industries, but the automotive industry is among the hardest hit. After carmakers stopped production and dealerships closed showrooms amid COVID-19 lockdown, global car sales slumped worse than ever before. However, the luxury car market was generally less affected by the financial downturn caused by the coronavirus pandemic.
According to data presented by StockApps.com, the market capitalization of the world’s most valuable car company, Tesla, hit more $460 billion this week, almost seven times more than Ferrari, Porsche and Aston Martin combined.
Tesla’s stock price surged by nearly 200 percent in the past three months, and the firm is up about 500 percent on the year, despite a 4.9 percent revenue drop in the second quarter of 2020.
One of the reasons for such a premium valuation is Tesla’s ability to convince investors that it is much more than just an automaker, and plans to make its vehicles capable
