Tesla hit a $1 trillion market cap today following news that Hertz car rental is ordering 100,000 cars to buildits electric vehicle rental fleet.
The company joins trillion-dollar market cap companies like Apple, Amazon and Microsoft.
The deal will bring in a reported $4.2 billion for Tesla - this is the largest purchase of electric vehicles, ever...
The company joins trillion-dollar market cap companies like Apple, Amazon and Microsoft.
The deal will bring in a reported $4.2 billion for Tesla - this is the largest purchase of electric vehicles, ever...
News of the deal brought Tesla’s stock to $1,028 by midday, a new record high - a gain of about 13%.
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.
The deal with Hertz, which will bring in a reported $4.2 billion for Tesla, is the largest ever purchase of electric vehicles, Bloomberg previously reported.
The cars are set for delivery within the next 14 months and will be available to US customers as early as November.
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 waned.
But now they have new backing, and an agressive comeback plan as Knighthead Capital Management and Certares Management takes over the company.
But now they have new backing, and an agressive comeback plan as Knighthead Capital Management and Certares Management takes over the company.
Video courtesy of CNBC
