Tesla Soars Past $1 Trillion in Market Value As Car Rental Company Hertz Places Order For Buying 100,000 Tesla EVs

Tesla’s market capitalisation soared past $1 trillion on Monday (Oct 25) after car-rental company Hertz announced that it would buy 100,000 Tesla Model 3s to electrify its fleet.

Tesla’s stock closed at $1024.86, up more than 12% on the day and giving the electric car marker a market value of $1.03 trillion. Tesla is worth more than the next nine most-valuable public carmakers combined. Musk’s own net worth, including his Tesla stock holdings, now stands at $281 billion.

Tesla delivered 241,300 vehicles in the third quarter despite global supply chain issues including chip shortage disrupting the production schedule of automakers across the world.

"Electric vehicles are now mainstream, and we've only just begun to see rising global demand and interest," said Hertz interim CEO Mark Fields. "The new Hertz is going to lead the way as a mobility company, starting with the largest EV rental fleet in North America and a commitment to grow our EV fleet and provide the best rental and recharging experience for leisure and business customers around the world."

"Beginning in early November and expanding through year end, customers will be able to rent a Tesla Model 3 at Hertz airport and neighborhood locations in U.S. major markets and select cities in Europe." the car rental company said.

Hertz also said that it is installing thousands of chargers throughout its location network. Customers who rent a Tesla Model 3 will have access to 3,000 Tesla supercharging stations throughout the U.S. and Europe.

Hertz, which reemerged from bankruptcy, also said it was a “much stronger” company ready to capitalize on the summer’s travel rebound and skyrocketing car-rental prices amid a scarcity of rentals.