Tokyo — The surge in Tesla’s shares so far in June moved Elon Musk’s company even closer to displacing Toyota as the world’s most valuable carmaker.

With a market capitalisation of more than $190bn, Tesla still has some distance to close to reach Toyota’s $212bn valuation, which includes treasury shares, according to data compiled by Bloomberg. A rally of about another 14% in Tesla shares could see it claim the crown if Toyota holds steady, with Tesla already up 23% since the beginning of June...

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