Tesla revs up to take top spot

Tesla has become the most valuable car firm in the world, overtaking Toyota which sold 30 times the number of cars.

The automotive tech company hit the jackpot after three profitable quarters in a row following years of build and delivery problems.

Fuelled in part by the coronavirus shutdown, Tesla has seen interest in its cars soar, at the same time as production and delivery has ratcheted up. While almost all other brands slumped in the second quarter of the year, Tesla beat all expectations, delivering 90,650 vehicles against a projection of 72,000.

Boss Elon Musk said he expected to deliver 500,000 vehicles this year.