Electric car maker Tesla has taken over Toyota as the most valuable auto manufacturer in the world as its share price keeps soaring in 2020.

Tesla (TSLA) shares hit an all-time high of $1,135 Wednesday, giving it a valuation of about $206.5 billion, roughly $4.5 billion more than Toyota’s estimated $202 billion, CNBC reported.

Tesla has seen its stock price skyrocket 170% so far this year, more than doubling since Jan. 1.

Despite its valuation, Tesla falls behind Toyota in production. In the first quarter of this year, Tesla said it produced about 103,00 vehicles and Toyota said it produced 2.4 million vehicles.

Tesla manufactures the all-electric Model S, X, 3, and Y vehicles and will soon deliver the Cybertruck, which is descibed as a truck that performs like a sports car.

Investors are keenly interested in the electic vehicle market, but Cowen analyst Jeffrey Osborne is still caution in his outlook for Tesla in the long run.

“Anything EV related is red-hot for investors now and there is a scarcity of ways to invest in the theme, thus we see the stock continuing to ‘work’ near-term despite our caution on competitive positioning over time and valuation," Cowen said in a statement to clients.

Tesla shares had gained 3.9% as of 12:56 p.m. ET. Wednesday.

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A Tesla sign pictured at a Tesla showroom on Nov. 5, 2013, in Palo Alto, California. Justin Sullivan/Getty Images
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