Toyota may still be the world’s most valuable car brand, but Tesla managed to beat the Japanese giant as the world’s highest valued carmaker in terms of capitalization.

The feat happened last Wednesday when Tesla shares gained 3.7 percent in the U.S. stock market, closing at USD 1,119.63. This boosted the electric carmaker’s market cap to USD 209 billion or roughly USD 6 billion more than Toyota’s currently valued by investors.

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

The shares’ meteoric rise, up more than 163 percent since the start of 2020, highlight growing confidence among investors about the future of electric vehicles and Tesla’s shift from a niche carmaker into a global leader in cleaner cars.

After several years of losses, Tesla has delivered three straight profitable quarters since the third quarter of 2019 and surprised investors with solid first-quarter deliveries despite the virus outbreak.

Toyota, one of the world’s most profitable automakers, sold 10.46 million vehicles during its 2019 financial year, ending on March 31, 2020. It reported net revenues of 30.226 billion yen, or roughly USD 281.20 billion, during that time.

Tesla, in comparison, ended 2019 with USD 24.6 billion in revenues, having delivered 367,200 vehicles last year. CEO Elon Musk in the past said Tesla would deliver at least 500,000 vehicles in 2020, a forecast the company has not changed despite the coronavirus pandemic.