Palo Alto’s Tesla blows past $1-trillion market cap as Hertz orders 100,000 EVs

Tesla Inc became the first automaker on Monday to join the league of legends having had a market cap above $1 trillion alongside Amazon.com Inc., Apple Inc., Microsoft Corp and Google-parent Alphabet Inc.

by Sourav D
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Palo Alto’s Tesla blows past $1-trillion market cap as Hertz orders 100,000 EVs

On Monday, Tesla Inc., the Palo Alto, California-headquartered e-vehicles industry trailblazer, became the first automaker to join the elite club of trillion-dollar market cap alongside Amazon.com Inc., Apple Inc., Microsoft Corp and Google-parent Alphabet Inc, as the brainchild of Tesla co-founder and Chief Elon Musk had landed its largest-ever order from a car rental company Hertz in a deal what had reinvigorated temperaments that a mass-scale sweeping swing into e-vehicles could take place in a near term.

Although, orders from car rental companies are usually seen as a move to off-load slow-selling models in global auto industry, Hertz’s latest approach to order as many as 100,000 Tesla e-vehicles by end-2022, had strongly illustrated that global citizens might just be standing on top of the early days of a mass-scale e-vehicle transmutation.

Tesla joins the elite club of trillion-dollar market cap

Followed by the announcement of Hertz deal, Tesla shares torrented as much as 14.9 per cent to $1,045.02 apiece while making the Californian EV giant the world’s first automaker having had a market cap above $1 trillion, however after soaring nearly 15.0 per cent in midday trading, Tesla Inc shares had wrapped up the day 12.66 per cent higher to $1,024.86 apiece with a market capitalization of $1.01 trillion.

If truth is to be spoken, latest achievements in Tesla Inc, which has recently beaten Q3, 2021 profit estimates and reported another quarter of record delivery, came forth as Tesla Chief Elon Musk had stressed an annual sales growth target of 50 per cent on an average, incontestably tallying 20 million additional vehicles a year which have been twice the volume of conventional car makers such as Volkswagen AG alongside Toyota Motor Corp.

Meanwhile, reflecting on a reality-check in e-vehicles’ demand among customers, Hertz interim Chief Executive Mark Fields said to a press agency reporter, “Electric vehicles are now mainstream, and we've only just begun to see rising global demand and interest”.

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