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Tesla Joins $1 Trillion Club On Record Hertz Order

Tesla crosses $1-trillion stock market valuation for the first time in its history after the electric carmaker received its biggest order ever from Hertz.


The price for the cheapest Tesla Model 3 starts at about $44,000, which would make the Hertz order worth about $4.4 billion if the entire order was filled with the Model 3. Photo: Reuters

 

Tesla joined an elite club of companies worth at least $1 trillion on the stock market on Monday after rental car agency Hertz announced a record-breaking electric car order for Elon Musk.

Tesla crossed the $1 trillion stock market valuation for the first time in the company’s history as the electric carmaker received its biggest order ever.

The struggling rental car agency Hertz announced it would buy 100,000 electric rental cars from Elon Musk.

Interim Hertz CEO Mark Fields said that the order of mostly Model 3 vehicles should be delivered by the end of next year, and the Tesla cars should start being available for rent in November 2022 – with access to Tesla’s supercharging stations throughout Europe and the US.

 

Cheapest Tesla model

The price for the cheapest Tesla Model 3 starts at about $44,000, which would make this order worth about $4.4 billion if the entire order was filled with the Model 3.

Fields declined to say how much Hertz was paying for the order.

Hertz also plans to install thousands of chargers throughout its network. Fields said electric vehicles are now mainstream and Hertz would work with other automakers producing EVs as well.

Hertz filed for bankruptcy protection last year as the health crisis grounded travel to a halt and talks with creditors failed.

The mega-Hertz deal wasn’t the only good news for the world’s most valuable auto company.

The Model 3 became the first electric vehicle to top monthly sales of new cars in Europe.

Shares of Tesla – which was not available for comment – hit an all-time high in mid-day trading on Monday.

 

  • Reuters with additional editing by Jim Pollard

 

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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