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Tesla (TSLA) tops $1 trillion valuation in intraday trading

Hertz orders 100,000 Tesla vehicles, pushing the company over the $1 trillion market cap.

Donovan Erskine

October 25, 2021 11:18 AM

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Tesla has been one of the better-performing companies over the past several years, as more consumers and manufacturers alike begin to adopt electric vehicles. Most recently, Hertz placed an order for 100,000 Tesla vehicles. Not only was this excellent news for the electric vehicle manufacturer, it also pushed Tesla (TSLA) past the $1 trillion valuation milestone.

It was on October 25 that we learned that Hertz had placed an order for 100,000 Tesla vehicles. The car rental company plans to offer the vehicles as a part of its service in The United States and across Europe. This announcement meant great news for Tesla’s (TSLA) stock, as shares soared following the news. It was enough for the company to reach a $1 trillion valuation, putting it in exclusive company. Only Apple, Microsoft, and Amazon have hit the $1 trillion dollar market cap.

At its peak, Tesla (TSLA) shares hit $998, a new record for the company. Hertz order is the biggest order of electric vehicles ever placed and will bring in approximately $4.2 billion for Tesla. Hertz plans to add the new Tesla vehicles to its fleet at some point in 2022.

Tesla has seen some exceptional performance despite issues caused by the pandemic. Just earlier this week, the company stated that the chip shortage was a leading cause of production issues, despite beating expectations in its Q3 2021 earnings report.

Tesla’s valuation didn’t remain at $1 trillion for very long, but it hit the rare milestone nonetheless. This news is not only a big deal for Tesla and its shareholders, but for the future of electric vehicles in general. For more on Tesla and its business ventures, be sure to stick with us here on Shacknews.

Donovan Erskine

News Editor

Donovan is a young journalist from Maryland, who likes to game. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge Scream nerd and film fanatic that will talk with you about movies and games all day. You can follow him on twitter @Donimals_