Wednesday 12 August 2020
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wn.com - 1 month ago

Tesla becomes richest auto group as Detroit giants see sales drop

NEW YORK: Tesla engineered its latest coup Wednesday, becoming the world s richest car company while two of Detroit s old guard, General Motors and Fiat Chrysler, reported sagging auto sales amid the coronavirus pandemic. Led by Elon Musk, Tesla has seen ups and downs but its shares have risen steadily since late 2019 as it met key production targets for its Model 3 car, with the automaker topping Japan s Toyota in market valuation. The company still sells only a fraction of the autos of the Big Three, yet it has captivated investors imaginations as a bet on the future under charismatic leader Musk, who has challenged conventional wisdom on CEO comportment while also...


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