Tesla Surpasses a $1 Trillion Valuation after Hertz Announces a Massive EV Push

Oct 26, 2021 By MarketDepth

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Tesla Inc. (NASDAQ: TSLA) crossed the $1,000 per share mark towards the end of the day on Monday, pushing its valuation up over $1 trillion after Hertz announced a significant investment to bolster its EV offerings. The rental company put in an initial order of 100,000 Teslas, to be completed by 2022 and plans to roll out its own EV charging network throughout the company’s global operations.

Price Increase

Tesla additionally raised the prices of its Models 3 and Y by $2,000 while its Models S and X were raised by $5,000 over the weekend. The company also stated that it is close to launching production at its Berlin-Brandenburg plant in Germany, as well as in Austin, Texas. 

Deal Worth Billions

While Mark Fields, Hertz’ interim CEO, has not stated the price at which the company will complete the order, the Model 3 now has a $43,990 price point, suggesting that Tesla could receive north of $4 billion for the deal.

Hertz Looking at Other EVs

According to the Associated Press, Mr. Fields said that Hertz is also in discussions with other automakers as it expands its EV fleet and as more models enter the marketplace.