Tesla Inc. briefly passed Boeing Co. as the most valuable industrial company in the U.S., closing a gap that was almost $200 billion a year ago.

Tesla’s market capitalization exceeded Boeing’s by about $83 million as of 10:35 a.m. Wednesday in New York trading, according to data compiled by Bloomberg. Shares of Boeing, which have tumbled amid coronavirus concerns and the ongoing grounding of the planemaker’s best-selling 737 Max jetliner, plunged as much as 11% to the lowest intraday since July 2017.

Boeing (BA) is just the latest manufacturing stalwart and industry bellwether to be elbowed aside by the maker of the Model 3 sedan. The achievement is a particularly satisfying one for Chief Executive Officer Elon Musk, who competes in the rocket-launch sector with another of his companies, Space Exploration Technologies Corp.

Tesla shares (TSLA) have surged more than 50% this year following two straight quarters of better-than-expected earnings. The company topped Volkswagen AG in market value for the first time in January and is now the No. 2 automaker in the world by that measure, trailing only Toyota Motor Corp.

Boeing, meanwhile, is struggling with dwindling cash, a battered reputation and government probes of the Max debacle. The manufacturer is planning to draw down the full amount of a $13.825 billion loan as early as Friday as it grapples with worldwide travel disruptions springing from the virus, people familiar with the matter said.

CEO Dave Calhoun’s efforts to emerge from one of the worst crises in Boeing’s history sustained a fresh blow Wednesday with Air Canada reducing an order for the Max by 18%, or by 11 jets. The grounding of the plane will reach the one-year mark on March 13.

Meanwhile, Musk announced Tesla is scouting locations to build its in-development Cybertruck in the U.S., likely triggering a state-by-state competition similar to one he set off six years ago.

Tesla will add a factory to produce both the electric pickup and the Model Y crossover for customers on the East Coast, the chief executive officer tweeted Tuesday. He didn’t elaborate on which states Tesla is considering beyond saying it will be somewhere in the central U.S.

By publicizing Tesla’s plans to construct a factory for the truck, slated for production late next year, Musk, 48, is repeating a strategy used in 2014 to score a $1.3 billion incentive package from Nevada. The state lured the company’s massive battery factory there after Musk held a bake-off in which Arizona, California, New Mexico and Texas were the finalists that came up short.

Musk unveiled the Cybertruck in November and pitched it as a radically different option from the highly lucrative pickups produced by Ford Motor Co., General Motors Co. and Fiat Chrysler Automobiles NV. A botched demo in which Tesla’s design chief cracked supposedly shatter-proof glass generated enormous buzz and prompted the company to sell T-shirts featuring the broken windows.

States with right-to-work laws that prohibit unions from requiring prospective hires to join their membership are likely to be contenders for Tesla’s facility, said John Boyd, principal of a manufacturing site-selection firm based in Princeton, New Jersey.

“I’d put Tennessee, Indiana, Kentucky, Texas and Michigan on the list,” Boyd said. “This will be a trophy project for the automotive sector.”

Tesla took advantage of its soaring stock price by raising $2.31 billion last month. The company disclosed just before announcing its equity offering that its annual capital expenditures budget will be as much as $3.5 billion through 2022, more than double what it spent in 2019.

Tesla shares were little changed at $645.38 as of 9:35 a.m. Wednesday in New York. The stock is up 54% this year.

Government incentives will play a role in Tesla’s decision-making on a plant location, along with logistics costs, access to big, talented workforces, and quality of life, Musk told the Wall Street Journal in an email. TechCrunch reported the company is in talks with officials in Nashville, Tennessee, citing a source familiar with the discussions.

The battle between states will play out as U.S. President Donald Trump, who’s vowed to revive the American auto industry, looks likely to face off against Joe Biden, the vice president in the Obama administration, which backed General Motors and Chrysler through their 2009 bankruptcies.

Trump praised Musk in an interview with CNBC in January, calling the South Africa-born CEO “one of our great geniuses” and predicting he would build “a very big plant in the United States.”

Tesla recently completed construction of its newest plant in China and started delivering locally assembled Model 3 sedans to consumers in January. It’s also planning a factory near Berlin.

Last month, Musk hinted that Tesla could build a factory in Texas. The Texas Enterprise Fund, created by the state’s legislature under former Governor Rick Perry, has become one of the largest payers of economic-development incentives in the nation.

Texas offered $2.3 million to entice SpaceX, the rocket company Musk founded and runs, to locate a launch facility in Brownsville, on the Gulf Coast near the Mexican border. Tesla’s chip team is based both in Palo Alto, California, where the carmaker is headquartered, and in Austin, Texas.

The company’s sole U.S. auto-assembly plant is in Fremont, California, which makes the Model S, X and 3 and has begun producing the Model Y crossover.