Tesla Inc. on Wednesday became the highest-valued automaker as its shares surged to record highs and the electric carmaker's market capitalization overtook that of former front runner Toyota Motors Corp.

Tesla shares gained 4.1 percent in midday trading to a record of $1,124 after earlier reaching a record $1,135.  The surge boosted the company's market cap to $209 billion -- roughly $6 billion more than Toyota is currently valued by investors.

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Tesla Passes Toyota In Value - More Than Triple GM And Ford Combined

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