Houston Chronicle by Richard Clough, Bloomberg March 11, 2020
Tesla Inc. passed Boeing Co. as the most valuable industrial company in the U.S., closing a gap that was almost $200 billion a year ago.
Boeing’s biggest one-day plunge in almost 40 years dropped its market capitalization to $106.5 billion, more than $10 billion below Tesla’s value. The planemaker’s shares, already reeling since the grounding of its best-selling 737 Max jetliner, have been hammered by concerns about the coronavirus crimping global travel.
Tesla continues to elbow aside manufacturing stalwarts and industry bellwethers even as the virus costs the carmaker some of its own gains. Topping Boeing is a particularly satisfying milestone for Chief Executive Officer Elon Musk, who competes in the rocket-launch sector with another of his companies, Space Exploration Technologies Corp.
Tesla shares have surged 52% this year following two straight quarters of better-than-expected earnings. The company surpassed Volkswagen AG by market value for the first time in January to become the No. 2 automaker in the world by that measure, trailing only Toyota Motor Corp.
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