Electric car company Tesla has overtaken BMW in market value to become the world’s fourth most valuable car company.

Tesla first surpassed BMW’s value on 9 June 2017, gaining to reach $61.6bn in value, versus BMW’s $61.4bn.

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Tesla’s share value soon dipped by 3.4% later the same day, causing it to fall below BMW in valuation, before overtaking the German car-maker again on Tuesday.

At the time of writing, Tesla has a market capitalisation of $62.05bn, while that of BMW is at $54.89bn. Tesla overtook Ford in market value in April, the latter of which is now has a marketcap of $45.48bn.

Toyota is the most valuable car company, with a market cap of $159.6bn, while Daimler and VW are second and third respectively.

Model X

The most recent upturn in Tesla’s share price followed the Model X achieving a five star crash rating on Tuesday, assessed by the National Highway Safety and Traffic Administration (NHSTA) in the United States.

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The Model X was awarded a five-star safety rating across all subcategories, reportedly the first SUV to do so.

In a post on the updates section on its website, the company said the SUV had the lowest probability of injury of SUVs tested.

Tesla said: “Model X performs so much better in a crash than gas-powered SUVs because of its all-electric architecture and powertrain design. No other SUV has ever come close to meeting and exceeding this rollover requirement.”