Tesla’s rise made 2020 the year the U.S. auto industry went electric

Tesla’s ascent came the same year that activist hedge funds and other investors ratcheted up pressure on corporations to fight climate change

DETROIT : Tesla Inc and Wall Street made 2020 the year that the U.S. auto industry decided to go electric.

Tesla’s market capitalization surged above $600 billion, making the once wobbly startup founded by billionaire Elon Musk worth more than the five top-selling global vehicle making groups combined. The exclamation point came on Friday when Tesla rose to a record high in frantic trading ahead of the stock’s much anticipated entrance into the benchmark S&P 500 index.

For 2021, all signs point toward the industry accelerating its shift toward electrification, a turning point as historically momentous as the launch of Ford Motor Co’s moving assembly line for the Model T or General Motors ‘ 2009 bankruptcy.

Source : economictimes