Tesla Inc., an automotive company, focused on producing electric cars owned by the billionaire Elon Musk, has finally eclipsed the Ford Motor Company to become the most valuable U.S. carmaker of all time. Tesla finally reached this historic landmark after share prices soared upwards and enabled the company to hit a total market valuation of $81.39 billion, eclipsing even the Ford Motor Company’s $80.81 billion valuations it achieved in 1999.

That’s according to a report from the Wall Street Journal, which also notes Tesla was already valued more than the General Motors Co., the next most valuable in American history following the Ford Motor Company and, of course, Tesla.

In addition to eclipsing those two powerhouses of the American automotive industry, Tesla is also competing fiercely against major foreign companies. Its new valuation ensures that Tesla is more valuable than Volkswagen and BMW combined, for instance, an impressive feat for a company that was initially being maligned for its eco-friendly focus on electric vehicles.

Environmentally conscious drivers

Research analysts claim that the company’s newfound success is thanks, in part, to its ability to appeal to environmentally conscious car-owners, who are enjoying a greater and greater share of the marketplace as time goes on. Consumers all over the world are pivoting to electric vehicles following government announcements that fossil fuel-powered vehicles have a short-life span.

In Britain, for instance, Prime Minister Boris Johnson recently announced that the company would be accelerating its ban on petrol-powered vehicles by prohibiting them as early as 2035, five years ahead of schedule.

Bans and increasing regulations on fossil fuel-powered vehicles in many parts of the world is thus enabling companies like Tesla to enjoy newfound levels of prosperity at the cost of traditional car companies.

“Despite past production delays, parts shortages, labor cost overruns, and other difficulties, we expect Tesla to benefit from its dominant position in the electric vehicle industry and to improve performance in 2020 and beyond,” Argus Research analysts Bill Selesky told MarketWatch.

Earnings report

Tesla’s stock also went up because of a strong quarterly earnings report, which indicated that the company’s finances were in better shape than some critics expected.

Elon Musk, the billionaire founder of Tesla, has a fondness for taking to Twitter to discuss the company’s latest developments. According to a recent post of his, Tesla will soon have over a million connected vehicles worldwide with the technology needed for self-driving.