Wed 27 October 2021:
Electric car giant Tesla’s value surpassed $1 trillion after American car rental company Hertz’s order of 100,000 sedan cars for 2022.
While the firms’ shares closed Friday with a price of around $900, they reached $1,030 on Monday.
“Electric vehicles are now mainstream, and we’ve only just begun to see rising global demand and interest,” said Hertz interim boss Mark Fields.
The closest rival Toyota’s valuation — around $240 billion — is around a quarter of the US car makers’ valuation currently.
Hertz will pay $4.2bn for 100,000 Model 3s over the next 14 months, which amounts to about a fifth of its fleet. The rental firm will also build a network of charging stations.
After surpassing the $1 trillion mark, Tesla CEO Elon Musk tweeted: “Wild $T1mes!”
Previously only Apple, Microsoft, Amazon and Google-owner Alphabet have reached a $1tn valuation.
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