Tesla joins an exclusive club of companies to break the $1 trillion market capitalization barrier. On Monday, the carmaker, co-founded by Elon Musk less than 20 years ago, saw its stock price rocket past $1,000 per share on the news that rental company Hertz plans to buy 100,000 Tesla vehicles. Investors, clearly, liked the sound of that.
At the time of this writing, a share of Tesla traded for $1,022, a rise of over $112 per share Monday, or more than 12%. With the speedy climb upward, Tesla inked its place in history alongside Amazon, Apple and very few other massive corporations to reach the $1 trillion market capitalization figure.
As for Hertz's order, the company made the news official Monday and said it will funnel the thousands of Tesla cars into its rental fleet through 2022. The first cars will arrive next month. Renters will gain access to the Tesla Supercharger network while driving one of Hertz's Tesla vehicles, too.
It's a massive deal for Tesla: It delivered 241,000 vehicles in the third quarter of this year, so the Hertz deal represents more than an entire month's worth of production. Bloomberg reports the Hertz deal is worth $4.2 billion for the carmaker. Tesla does not operate a public relations department to field requests for comment.