Tesla hits over $460bn in market cap, seven times more than Ferrari, Porsche and Aston Martin combined
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 capitalisation of the world’s most valuable car company, Tesla, hit over $460bn this week, almost seven times more than Ferrari, Porsche and Aston Martin combined.