Big-time player: A Tesla car drives past Tesla’s primary vehicle factory in California. Today, Tesla is worth nearly US$304.6bil, more than six times Daimler’s 41.5-billion-euro (US$47.7bil) market capitalisation. — Reuters
FRANKFURT: Tesla Inc’s rapid rise to become the world’s most valuable carmaker could mark the start of a new era for the global auto industry, defined by a Silicon Valley approach to software that is overtaking old-school manufacturing know-how.
Tesla’s ascent took many investors by surprise. But executives at Daimler AG, the parent company of Mercedes-Benz, had a close-up view starting in 2009 of how Tesla and its chief executive Elon Musk were taking a new approach to building vehicles that challenged the established system.
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