Tesla CEO Elon Musk has been selected Time magazine's 2021 "Person of the Year."

This year, his electric vehicle firm became the world's most valuable automaker, and his rocket company, SpaceX, launched an all-civilian crew to the edge of space.

This year, Tesla's market worth surpassed $1 trillion (€887 billion), surpassing Ford Motor and General Motors combined.

Tesla manufactures hundreds of thousands of cars each year and has avoided supply chain challenges better than many of its competitors, all while convincing many young buyers to switch to electric cars and legacy automakers to shift their focus to EVs.

"For resolving an existential crisis, for encapsulating the possibilities and perils of the age of the tech titans, and for igniting society's most daring and disruptive transformations, Elon Musk is the Times' 2021 Person of the Year," the magazine's editor-in-chief, Edward Felsenthal, stated.