Tesla's market value soared to $1 trillion as a result of the deal.
Hertz, a rental car company, has ordered 100,000 Tesla Model 3s as part a massive push for electrification. Bloomberg reports that this is the largest ever purchase of electric cars.
This huge deal, worth $4.2 billion, pushes the automakers' valuation above $1 trillion for the first-ever time. The shares were only two dollars short of hitting the $1,000 mark Monday, which was a record for Elon Musk's company.
Musk's net worth also soared as a result of the news, reaching the quarter trillion mark.
Hertz interim CEO Mark Fields stated that electric vehicles are mainstream and that there is growing global interest in them.
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This is a remarkable decision considering that Hertz filed bankruptcy last year due to the COVID-19 pandemic. Bloomberg reports that the company's market value has increased.
It's a huge win for Tesla. This gives potential customers an opportunity to see the electric cars they offer from their perspective when they travel.
Bloomberg reports that Hertz plans to reduce maintenance and fuel costs by switching to electric vehicles. It also plans to create a customer-only charging network. Hertz also hired Tom Brady, a quarterback, to celebrate the deal. Hertz showed off its new Tesla fleet in a silly ad.
Tesla now has the opportunity to deliver the vehicles.
According to Zachary Kirkhorn, Tesla's CFO, there is a long way ahead.
READ MORE: Hertz Orders 100,000 Teslas for the Rental-Market Shakeup [Bloomberg]
Tesla: Elon Musk is now worth over a quarter trillion dollars
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