Tesla has become the most valuable automaker in the United States

Tesla’s recent rally pushed its market value to nearly $85 billion at Tuesday’s close, making it the highest-valued U.S automaker of all time. Ford previously held the record, having been valued at $80.8 billion in 1999.

Tesla is still smaller than some non-U.S auto companies. Japan’s Toyota had a market value of roughly $232 billion, and Germany’s Volkswagen had a value of about $98 billion.

“It’s clear that Tesla is back to being a story stock and there’s a lot of good news out there,” said David Kudla, chief investment strategist at MainStay Capital Management.

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