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Tesla drives toward $1 trillion club on record Hertz order

By Subrat Patnaik, Sanjana Shivdas and David Shepardson

(Reuters) – Tesla Inc on Monday neared $1 trillion in market capitalization as the company founded by Elon Musk received its biggest-ever order — 100,000 electric rental cars for Hertz.

Tesla shares were up 7.5% at $978, hitting a new record high Monday, following the order. Shares were also buoyed by news of the company’s Model 3 becoming the first electric vehicle to top monthly sales of new cars in Europe.

The news from Hertz comes as Tesla is coping with a backlog of unfulfilled orders for its vehicles and continuing supply chain disruptions, but it does solidify the mainstream appeal of electric cars.

Interim Hertz Chief Executive Mark Fields told Reuters the order will primarily be Model 3 vehicles. Hertz customers can rent a Tesla starting in November and the company will have 3,000 chargers in 65 markets by the end

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