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Tesla becomes the first $ 1 trillion automaker as stocks surge

Tesla became the first $ 1 trillion car maker due to a surge in stocks after signing the largest order ever with car rental company Hearts


Tesla became the first $ 1 trillion car maker due to a surge in stock after signing the largest order ever with car rental company Hearts.

The electric car group, led by the world’s wealthiest man, Elon Musk, saw a 13% rise in stock prices, a record high on Wall Street.

This surge means that Tesla’s market capitalization has reached $ 1.1 trillion. This means joining the exclusive clubs of just a handful of companies such as Apple, Amazon, and Microsoft.

In the fast lane: Tesla’s share price rose 13% to a record high on Wall Street

The bounce followed the news that Hearts had ordered 100,000 Tesla cars for a rental car fleet scheduled to be delivered by the end of next year.

According to Reuters, most vehicles are from the Tesla Model 3 sedan range, with a starting cost of around £ 41,000 and a £ 4.1 billion price tag for the deal.

Customers will be able to rent a car from November, with access to 3,000 Tesla supercharged stations in the United States and Europe, Hearts said.

Large orders also mean that electric vehicles (EVs) account for more than 20% of Hertz’s global fleet of approximately 440,000 units.

“Electric vehicles are currently mainstream, and global demand and interest is just beginning,” said Mark Fields, Interim CEO of Hearts.

He added: world. ‘

The big deal follows California-based Tesla’s third-quarter revenue of £ 2.3 billion.

The company’s management also significantly expanded Musk’s personal wealth through a 17.2% stake in the group. It is worth £ 143 billion at current stock price levels.

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Tesla becomes the first $ 1 trillion automaker as stocks surge

Source link Tesla becomes the first $ 1 trillion automaker as stocks surge

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