Personal Finance. Money. Investing.

Tesla Surpasses $1 Trillion Market Value After Hertz Orders 100,000 Vehicles

Tesla’s market value has surpassed the $1 trillion mark for the first time after rental company Hertz ordered 100,000 of its vehicles.

Posted: 26th October 2021 by Finance Monthly
Share this article

The clean energy car manufacturer’s stock market value has soared throughout 2020 and 2021 as investors bet on accelerating sales of electric cars in a global push towards increased sustainability amid the climate crisis. By 2030, the UK government plans to ban the production of petrol and diesel cars to meet national climate targets. 

On Monday, Tesla shares increased by as much as 9% to as high as $998 following the announcement of Hertz’s 100,000 vehicle order. The shares later returned to below this level. Nonetheless, it marks a major milestone for Elon Musk’s company. 

The milestone follows a record quarter for Tesla in which its Model 3 became Europe’s best selling car in September. This was the first time a battery electric vehicle topped the monthly sales chart in the continent.

Hertz has said that the vehicles would be delivered by the end of 2022 as part of its goal to build the largest EV rental fleet in the United States. It is understood that the purchase could cost as much as $4 billion, even with a bulk discount. 

The rise in Tesla’s share price has further boosted the fortunes of its founder and CEO. Even before Monday’s gains, Musk’s gains stood well above the $250 billion mark.  

About Finance Monthly

Universal Media logo
Finance Monthly is a comprehensive website tailored for individuals seeking insights into the world of consumer finance and money management. It offers news, commentary, and in-depth analysis on topics crucial to personal financial management and decision-making. Whether you're interested in budgeting, investing, or understanding market trends, Finance Monthly provides valuable information to help you navigate the financial aspects of everyday life.
© 2024 Finance Monthly - All Rights Reserved.
News Illustration

Get our free monthly FM email

Subscribe to Finance Monthly and Get the Latest Finance News, Opinion and Insight Direct to you every month.
chevron-right-circle linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram