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Tesla overtakes Toyota as world's most valuable carmaker

Tesla has overtaken Toyota as the world's most valuable car maker.

Elon Musk's electric car empire now has a market value of $209.47 billion after shares reached $1,134 this week.

That is $6 billion more than Toyota's stock value.

Japanese automobile giant Toyota sold 10.46 million vehicles during the last financial year, ending on March 31, 2020.

Whilst Tesla raked in $24.6 billion in revenue for 2019.

Since the start of the year, more and more investors have got behind electric vehicles.

Meanwhile, Tesla recently claimed its Model S Long Range Plus is the first electric vehicle to achieve over 400 miles of EPA-rated range.

Musk took to Twitter to make the announcement that the vehicle boasts "an official EPA-rated range of 402 miles, representing a nearly 20% increase in range when compared to a 2019 Model S 100D with the same battery pack design."

He wrote: "Tesla Model S now first ever electric vehicle to receive EPA range rating above 400 miles!"

A blog post on Tesla's website added: "Since the introduction of our 265-mile Model S in 2012, we've continued to revisit every aspect of the design to deliver the longest-range and highest-performance electric vehicles on the road.

"Starting today, all North American Model S Long Range Plus vehicles have an official EPA-rated range of 402 miles, representing a nearly 20% increase in range when compared to a 2019 Model S 100D with the same battery pack design.

"This significant achievement reflects Tesla's obsession with efficiency and energy frugality, and is realized through several changes, both iterative and transformational, in core hardware and system architecture development by the Tesla engineering, design and production teams. These changes went into production earlier this year when we first started manufacturing Model S Long Range Plus at our factory in Fremont, California. All Model S Long Range Plus vehicles will receive the new 402-mile rating. (sic)"

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