The 49-year old Musk’s increase in wealth came along with Tesla stock breaching $500B in market value. The boost in overall market value came as investors purchased stock in the run-up to the company addition in the S&P index. However, Tesla (TSLA) has also seen an unprecedented increase in market value this year, gaining six time its value in 2020.

Despite the coronavirus outbreak which put most automotive businesses on hold or pushed them into a steep market drop, Tesla managed not escape a near-death sentence and according to number, thrived.

Tesla is ranked as world’s most valuable car company, sitting comfortably far from second place, even with production figures that are only a fraction of what other auto giants are pushing now. Although other EV stocks have risen since president-elect Joe Biden’s statements about boosting EVs as a top priority were made public during his campaign, no other company surged the way Tesla did.

One of the Joe Biden platform underpinnings features a strong push for zero emission vehicles and clean energy sources by 2030. If put into practice correctly, it could see Tesla surging even further on the stock market and increasing Elon Musk’s fortune. This would in turn create the possibility of the 49-year old businessman to become the richest person alive.

At the moment, Jeff Bezos holds the title, with an estimated net worth of $181.3 billion.

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The screening process takes into account the most relevant performance figures of the industry and generates an indicator of how performance will evolve in the future.

According to Calum MacRae, Automotive Analyst for GlobalData, Tesla has gone above the sector average in various measures. For example, Tesla is the undisputed leader in market capitalization (total market value of the company’s outstanding shares).

In terms of manufacturing capacity utilization rate, Tesla rated 90% throughout 2019, keeping the automaker at the top of GlobalData’s list.

With currently just one main distribution plant in the US and two upcoming nodes in Shanghai and Berlin, Elon Musk’s company is expected to boost its capacity dynamically in the next half decade. The boost, according to MacRae, is also a result of an observed high demand on electric vehicles.

Future Outlook for Tesla

Based on the analytic report, Tesla shows a positive outlook and emerges rather unscathed from the current covid-19 crisis. This is a sharp contrast to older, larger automakers whom have had their sales cut drastically in 2020.

The optimistic sales figures combined with the top engineering expertise and marketing techniques boost the company towards a winning position in the post-epidemic business environment.

On the same note, GlobalData set BMW, Toyota, Honda and Geely as sector leaders in manufacturing capacity utilization, while pushing Ford, Renault, Tata Motors and Nissan at the other end of the scale.

Even though it doesn’t feature the seniority of other well-established automakers, GlobalData considers key attributes featured by Tesla to keep the US-based electric vehicle manufacturer outperforming the sector for years to come.

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