Tesla Stock Hits Record High After Hertz Places Biggest Electric Vehicle Order Ever
Shares of Tesla skyrocketed to a new all-time high Monday after recently bankrupt Hertz announced it placed the company’s biggest order ever, buying 100,000 Tesla cars in a bid to turn around its ailing car-rental business.Tesla stock climbed more than 12% on Monday to about $1,025, surpassing a previous record of $909.68 set Friday and propelling the carmaker’s market value to slightly more than $1 trillion.
In a Monday morning note, Wedbush analyst Dan Ives said the order marks not only Tesla’s largest order to date, but also the biggest electric vehicle order ever placed, thanks to a hefty price tag of $4.2 billion. In a statement, Hertz said customers will be able to rent the Tesla Model 3s from its locations beginning in early November and pointed out the order will help electric vehicles constitute more than 20% of the company’s global fleet.
Shares of Hertz, which trade over the counter and are no longer listed on a major exchange, also jumped about 10% on Monday.“While Hertz is in the early stages of electrifying its rental car fleet, Tesla getting an order of this magnitude highlights the broader electric-vehicle adoption under way as part of this oncoming green tidal wave now hitting the U.S.
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