Huge Hertz Order Sends Tesla’s Value Near $1 Trillion

October 25, 2021 Business, Technology

Tesla Inc on Monday (Oct 25) neared US$1 trillion (S$1.35 trillion) in market capitalisation as the company founded by Elon Musk received its biggest-ever order – 100,000 electric rental cars for Hertz.

Tesla shares were up 7.5% at US$978, hitting a new record high Monday, following the order. Shares were also buoyed by news of the company’s Model 3 becoming the first electric vehicle to top monthly sales of new cars in Europe.

The news from Hertz comes as Tesla is coping with a backlog of unfulfilled orders for its vehicles and continuing supply chain disruptions, but it does solidify the mainstream appeal of electric cars.

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Hertz says it will buy 100,000 Tesla vehicles to build out an EV rental fleet by the end of 2022. https://t.co/nrnoZXBUyA

— CNBC (@CNBC) October 25, 2021