Shares in the electric car maker touched $1,134 on Wednesday, leaving it with a market value of $209.47bn (£165bn). This is about $6bn more than Toyota's stock market value.
Tesla is now worth more than triple the combined value of U.S. auto makers General Motors Co and Ford Motor Co.
The shares’ meteoric rise, up more than 163 per cent since the start of 2020, highlight growing confidence among investors about the future of electric vehicles.
After several years of losses, Tesla has delivered three straight profitable quarters since the third quarter of 2019 and surprised investors with solid first-quarter deliveries despite the virus outbreak.
Japan’s Toyota, one of the world’s most profitable auto makers, sold 10.46 million vehicles during its 2019 financial year, ending on March 31, 2020.
It reported net revenues of 30,226 billion yen, or roughly $281.20 billion, during that time.
Tesla, in comparison, ended 2019 with $24.6 billion in revenues, having delivered 367,200 vehicles last year.
Chief Executive Elon Musk in the past said Tesla would deliver at least 500,000 vehicles in 2020, a forecast the company has not changed despite the coronavirus pandemic.
Tesla is expected to report second-quarter delivery numbers this week.