Tesla's market cap exceeds $1 trillion
Tesla's market cap exceeds $1 trillion

Car rental company Hertz has ordered 100,000 vehicles from Tesla as part of its ambitious plan to electrify its fleet.

The company announced in a press release that the first part of Tesla's Model 3 sedan will be leased to Hertz in key markets in the United States and Europe starting in early November.

The announcement came months after Hertz escaped bankruptcy.

After the acquisition was announced, the electric car maker's share price reached $998.74 and its market value rose to more than $1,000 billion before crashing again.

With the market closed, the price rose again, reaching $1,024 per share, bringing the company's market capitalization to $1.01 trillion.

The electric car maker is joining this big club with other companies with a market value of more than $1,000 billion such as Apple, Microsoft and Amazon.

The deal is the largest order for an electric car and Tesla has sales of $4.2 billion.

The news also indicated that the Model 3 became the first electric car to top the monthly sales list in Europe from September of this year.

Earlier this month, the company announced record sales for the third quarter. It is true that there is a shortage of chips affecting the car market.

Tesla breaks billions for the first time

If you rent a Tesla from Hertz, you can use the car manufacturer's network. The network consists of 3,000 compressors in the United States and Europe.

Hertz plans to provide thousands of its own chargers for these chargers in its network of locations.

After the car rental market was hit hard by the pandemic, Hertz went bankrupt last May.

But the 100-year-old company was refinanced to $5.9 billion. Now Hertz wants to electrify almost all of its 500,000 cars.

In a press release, the interim CEO of Hertz said: “Electric vehicles are now popular. We are just beginning to see increased demand and global interest.

He added: “Hertz is a leading wireless network company with the largest electric vehicle rental fleet in North America. We are committed to expanding our fleet of electric vehicles while offering the best rental and charging experience to our customers around the world.

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