Tesla has become the highest-valued automaker following a surge in the price of its shares which saw Tesla’s market capitalization overtaking that of former front runner Toyota Motors Corp.

On Wednesday, Tesla’s shares touched a record of $1,133, boosting its market cap to $209.47 billion, around $6 billion more than that Toyota’s.

Tesla’s market cap is now worth more than triple the combined value of U.S. automakers General Motors Co and Ford Motor Co.

The development marks a growing confidence among investors about the future of electric vehicles and Tesla’s shift from a niche carmaker into a global leader in electric vehicles.

Following years of losses, Tesla has delivered three straight profitable quarters since the third quarter of last year surprising investors with solid first-quarter deliveries despite the Wuhan coronavirus outbreak.

As of March 31, 2020, tesla rival Toyota had sold 10.46 million vehicles and reported net revenues of roughly $281.20 billion (30,226 billion yen).

In comparison Tesla ended 2019 with $24.6 billion in revenues, having delivered 367,200 vehicles in that year.

In the past, Tesla’s CEO Elon Musk had said Tesla would deliver at least 500,000 vehicles in 2020, a forecast the company has not changed despite the coronavirus pandemic.

Tesla is expected to report second-quarter delivery numbers this week.