Tesla’s market value tops $1T after Hertz orders 100K cars

Published October 25, 2021 1:04 PM

By TOM KRISHER
AP Auto Writer

DETROIT (AP) — Hertz has announced that it will buy 100,000 electric vehicles from Tesla. It’s one of the largest purchases of battery-powered cars in history and the latest evidence of increasing commitments to EV technology. The news of the deal triggered a rally in Tesla’s stock, driving the carmaker’s market value over the $1 trillion mark for the first time. The purchase by one of the world’s leading rental car companies reflects its confidence that electric vehicles are gaining acceptance with environmentally minded consumer as an alternative to vehicles powered by petroleum-burning internal combustion engines.

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