Tesla Is Almost As Valuable As Toyota
Welcome to The Grid, R&T’s quick roundup of the auto industry and motorsports news you should know this morning.
Tesla Nearly as Valuable as Toyota
Very little seems to be able to stop Tesla’s climbing stock price. Shares crossed the $1000 mark yesterday, and Bloomberg (via Automotive News) is now reporting Tesla’s market capitalization of $190 billion is approaching Toyota’s $210 billion. It’s an amazing figure for a car company that is far smaller than Toyota. Bloomberg points out that Tesla produced 103,000 vehicles in the first quarter of this year; Toyota built 2.4 million in the same time. Tesla stock climbed thanks to CEO Elon Musk saying that the Semi truck is soon headed to production, the big valuation of startup EV truck builder Nikola Motors, and Tesla’s success in China.
Martin Truex Jr. Wins In Martinsville
Yesterday was a big day for NASCAR, with Bubba Wallace, the only African American driver in the Cup Series, running a Black Lives Matter livery, and the series announcing a ban on confederate flags. There was a race at Martinsville last night, too, and Martin Truex Jr. took the checkered flag for the first time this season. As Racer reports, Truex’s was a hard-fought win. At one point, Truex was in 19th place and nearly lapped, but he managed to take the lead on lap 370, and held it to the end.
Volkswagen Delays ID.3 Launch
Volkswagen touts its new long-range ID.3 electric car as being as important as the original Beetle and the Golf. But life for the new EV hasn’t been easy. The folks at Jalopnik brought our attention to a Wall Street Journal article that reports ID.3 deliveries won’t begin until September, a few months later than planned. And when the first ID.3s are delivered, they won’t have some key software features—those won’t come until wintertime. The delays have led to some trouble at the top of VW. Volkswagen group head Herbert Diess was stripped of his position as head of the VW brand.
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