Jan. 22 (UPI) -- Tesla's market value climbed above $100 billion on Wednesday, surpassing Volkswagen as the world's second most valuable automaker.
Shares of the U.S. electric automaker rose 4.1 percent to $569.56, increasing its market cap to $102.7 billion while Volkswagen shares fell 1.19 percent, dropping its market cap to $99.6 billion.
Toyota remained the world's most valuable automaker with a market value of about $198 billion.
Tesla's move above the $100 billion threshold could lead to a $50 billion pay package for founder and CEO Elon Musk if the company's market value can remain above that point for an extended period of time.
The company must also achieve $20 billion in annual sales or $1.5 billion in earnings before interest, taxes, depreciation and amortization after adjusting for stock compensation for Musk to receive the package.
Analysts expect Tesla will post $2.6 billion in earnings and $24.19 billion in sales when its 2019 report releases in the coming days.
Wednesday's news comes after Tesla began delivering the first of its Model 3 sedans made in China to consumers earlier this month.
Musk first announced the opening of the factory in Shanghai in July 2018, with the aspiration of producing 500,000 vehicles a year -- equal to its Fremont, Calif., factory -- within the decade.
In November, Musk announced Tesla plans to build a new battery factory in Germany where production of batteries, powertrains and cars could start by 2021.