Subscribe to Entrepreneur for $5
Subscribe

Tesla Valuation Surges to $1 Trillion

The company said Model 3 cars will be available for rent in major American and European markets beginning in early November.

By

Hertz, a rental car agency, has ordered 100,000 Teslas as it seeks to electrify its fleet of vehicles.

Smith Collection/Gado | Getty Images

In a press release, the company said Model 3 cars will be available for rent in major American and European markets beginning in early November and the program will expand through year end. With the order, electric vehicles will make up more than 20% of Hertz’ global fleet. 

The company will also launch electric vehicle charging infrastructure throughout its global operations, said the release, and team up with NFL superstar Tom Brady “to showcase how it is making EV rentals fast, seamless and more accessible, as the company accelerates its commitment to lead the future of mobility and travel.”

Related: To The Moon? Tesla’s Price Is Going To Mars 

The news brought Tesla's valuation to a record-setting $1 trillion, making it one of six companies to ever accomplish such a feat and the fastest one to do so (it hit its new valuation in 12 years after its 2010 IPO.)

Shares surged over 12.6%, according to BBC News, bringint the electric automaker over the $1T mark.

The company will join the ranks of Apple, Google and Google-owned alphabet in its newest valuation.

Tesla was trading at $1,024.86 pre-market on Tuesday morning.

Customers who rent a Model 3 will have access to 3,000 Tesla supercharging stations. In two ads, launched Monday, Brady demonstrates how to rent, recharge and use an electric vehicle at a Hertz airport location.

Hertz interim CEO Mark Fields said in a statement, "Electric vehicles are now mainstream, and we've only just begun to see rising global demand and interest. The new Hertz is going to lead the way as a mobility company, starting with the largest EV rental fleet in North America and a commitment to grow our EV fleet and provide the best rental and recharging experience for leisure and business customers around the world."

Brady added, "Hertz is changing the game when it comes to the future of mobility and has come through for me time and time again. Although the company has been around for over 100 years, their constant evolution, especially now, is something that is amazing to be a part of. I've been driving an EV for years and knowing Hertz is leading the way with their electric fleet speaks to how the world is changing and the way companies are approaching being environmentally and socially conscious. I've always loved how easy and convenient Hertz makes it for me when I'm traveling to my favorite places like New York, LA and Tampa and can't wait to see what they continue to have in store."