Chinese automaker BYD became the world’s fourth most valuable automaker by market cap Wednesday, following Tesla, Toyota, and Volkswagen. Shares of the electric vehicle maker gained 10% on Wednesday to hit an all-time high of RMB 308 ($48), pushing up its valuation to about $136 billion. Several brokerages raised price targets on BYD after the automaker announced a 110.7% yearly increase in first-quarter profits in May. [National Business Daily, in Chinese]