Reuters

Tesla is now the highest-valued industrial company in the US, as its market capitalization overtook Boeing's on Wednesday.

Tesla's market value was about $114 billion during intraday trading Wednesday. Boeing had a market value of about $110 billion at the same time.

A year ago, Boeing's market value was nearly $200 billion more than Tesla's. Since, the company has been weighed down by two fatal crashes and the global grounding of its popular 737 Max airplane.

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Tesla's market capitalization exceeded Boeing's on Wednesday, making it officially the highest-valued industrial company in the US.

Tesla's market value, or number of shares outstanding times its share price, was about $114 billion during intraday trading Wednesday. That's about $4 billion higher than Boeing, which had a market value of about $110 billion on Wednesday after falling as much as 15%.

A year ago, Boeing's market value was roughly $200 billion more than Tesla's. Boeing's stock price has been dragged down by ongoing issues including two fatal crashes and the global grounding of the company's popular 737 Max airplane, which hits the one-year mark on Friday.

In addition, the company is reeling as coronavirus hits the airline industry. On Wednesday, Boeing reported that it had more cancellations than orders in February. The company also said that it is suspending hiring and limiting overtime to preserve cash as the coronavirus presents a global disruption, CNBC reported.

Boeing now joins a growing list of companies that have been dwarfed by the Elon Musk-led automaker. From October 2019 through its all-time high on February 19, Tesla shares gained about 260% in an epic rally spurred by solid vehicle delivery numbers, optimism over its Shanghai factory, and strong earnings. Tesla is the highest-valued automaker in the US, and second in the world to Toyota, which has a market capitalization of about $205 billion Wednesday.

The company's stock has also sagged in recent weeks as the market reels amid the coronavirus outbreak and a global oil price war. Still, it's up nearly 55% year-to-date through Tuesday's close.

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