Tesla hits $1 trillion market cap for the first time

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Tesla hits $1 trillion market cap for the first time after Hertz says it will buy 100,000 electric vehicles

• Tesla hit a $1 trillion market cap for the first time after Hertz said Monday it would buy 100,000 electric vehicles.
  
• News of the deal brought Tesla’s stock to a new record high just one trading day after the shares topped $900.
  
• The deal comes more than a year after Hertz filed for bankruptcy protection during the height of the coronavirus pandemic, as demand for travel and rental vehicles dropped.
  

Tesla hit a $1 trillion market cap on Monday following news that Hertz is ordering 100,000 vehicles to build out its electric vehicle rental fleet by the end of 2022.

The company joins trillion-dollar market cap companies like Apple, Amazon and Microsoft.

News of the deal brought Tesla’s stock to more than $1,045 a share midday, a new record high one trading day after the shares broke $900. The stock closed up 12.66% at about $1,024 a share.

Strong EU sales and bullish analyst calls further boosted Tesla’s stock price. Morgan Stanley’s Adam Jonas raised his price target on Tesla to $1,200 a share from $900 on Sunday.
Jato Dynamics said Monday that Tesla’s Model 3 electric sedan became the first fully electric vehicle to top new car sales overall in Europe in September.

Tesla CEO Elon Musk celebrated the milestone on Twitter a minute before market close.

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