Tesla surges past $100 billion market value, eclipsing Volkswagen

"If we see that, then we also understand why Tesla is so valuable from the view of analysts," he said.

Tesla’s market value has climbed above Volkswagen AG’s for the first time to more than $100 billion, a threshold that will trigger a huge payout for Elon Musk if he can sustain the feat for months.

The electric-car maker’s shares soared as much as 8.6 per cent on Wednesday to a new intra-day high of $594.50. At that price, Tesla’s market capitalisation was roughly $107.2 billion, exceeding Volkswagen’s $99.4 billion and trailing only Toyota Motor.

While Musk’s skeptics are dubious that Tesla should be worth more than a carmaker that sold almost 30 times as many vehicles last