One vehicle passing another. Aussies use this instead of "pass". (I realize it means the same thing in the U.S., but we don't use it as often.) Example: In Australia, instead of "Slower traffic keep right," it's "Keep left unless overtaking."
To surpass in production, achievement, etc.; as, although out of school for half a year due to illness, the student returned and overtook all the others to finish as valedictorian.
To frustrate or render impossible or irrelevant; -- used mostly of plans, and commonly in the phrase overtaken by events; as, their careful marketing plan was overtaken by events.