Tesla becomes 2nd-fastest company in history to hit $1 trillion valuation .

The market capitalisation of Tesla surged past USD 1 trillion for the first time ever on October 25. This has put the American EV (electric vehicle) manufacturer in an elite club of companies, which includes the likes of Microsoft, Alphabet (Google’s parent), Apple, Amazon and Facebook, having a market valuation of over USD 1 trillion.

Consumers’ adoption of electric vehicles is accelerating quickly, and Tesla remains one of the best positioned companies to capitalize on the opportunity. The company is on track to sell nearly 1 million cars this year, and it has guided for 50% annual growth in vehicle sales over the next few years.

The surge in Tesla helped the company become the second-fastest in history to hit a $1 trillion valuation, doing it in 18 years. That’s just behind Facebook which briefly crossed the $1 trillion mark earlier in June about 17 years after its founding, but well ahead of Alphabet which crossed the milestone in 21 years.

Other members of the $1 trillion valuation club include Amazon , Apple and Microsoft , which all hit the $1 Trillion valuation market 24 years, 44 years, and 46 years after their founding, respectively.

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