Tesla has a market capitalization of above $800 billion, which is more than the $246 billion combined market capitalization of General Motors, Fiat Chrysler, Volkswagen, and Ford.
The ground-breaking announcement from Baba came in the form of a partnership with China’s largest automaker SAIC Motor, to launch a new electric vehicle sedan in the world’s largest automotive market.
Canopy’s stock is already up over 18% since the start of the year, and has recovered nicely since the sudden bear market in March of 2020 when it hit single digit prices.