Tesla’s value briefly passed $1 trillion after Hertz ordered 100,000 of its vehicles

Tesla’s value briefly passed $1 trillion after Hertz ordered 100,000 of its vehicles

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Rental car company Hertz has ordered 100,000 Teslas as part of an ambitious plan to electrify its fleet. A first tranche of Tesla’s Model 3 sedans will be available to rent from Hertz in major US and European markets from early November, said the company in a press statement. The announcement comes just months after Hertz escaped bankruptcy.

After the purchase was announced, Tesla’s stock price reached as high as $998.74, increasing its market cap to over $1 trillion before the price dropped again. As CNBC notes, that put it in the rare company of other trillion-dollar market cap companies like Apple, Amazon, and Microsoft.

News of the purchase was first reported by Bloomberg, which says the deal is the single largest order ever for…

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