Tesla surpasses $1 trillion market cap

Tesla’s market valuation hit the $1 trillion mark Monday, a milestone reached by the company 11 years after it became a publicly traded company. It also puts Tesla in select company with Apple, Amazon, Facebook and Google, all of which have market caps above $1 trillion.

Tesla shares hit $998.22 midday Monday. Shares are now trading at about $994, up about 9% from this morning’s open.

Shares pushed higher Monday on several news stories related to Tesla, including that rental giant Hertz, which recently emerged from bankruptcy, had agreed to buy 100,000 EVs from the automaker. The deal, which will push the car rental giant’s EV offerings to 20% of its global fleet, is reportedly worth $4.2 billion. Tesla Model 3 vehicles will show up in the Hertz rental inventory as early as next month in major U.S. markets and select cities in Europe, according to the rental company.

Other news that provided bullish updates on Tesla also helped lift the share price, including a research note from Morgan Stanley analyst Adam Jonas that the firm was raising its price target to $1,200 (from $900 previously) and reiterating its overweight rating.

Separately, a report from JATO Dynamics also determined that the Tesla Model 3 was the top-selling vehicle in Europe last month, making it the first time a full-electric car has outsold combustion engine models, Reuters reported.

Credit belongs to : www.techcrunch.com

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