Tesla touches trillion-dollar market cap milestone with Hertz deal

Tesla Inc. joined an elite group of companies with market values of at least $1 trillion on Monday, a key milestone for the carmaker, whose shares have been on a tear amid a global shift to electric vehicles.

“Tesla shares have a tendency to be quite volatile and driven by a wide range of market forces that are difficult to comprehend,” Morgan Stanley analyst Adam Jonas wrote in a note. Jonas said he believes Tesla shares are worth $1,200, but he doesn’t have any expectation that the shares will rise to such a level in the near term.While regulators investigate a spate of Teslas steering themselves into parked vehicles, Tesla owners have been reporting faulty collision-avoidance systems.

The company’s shares have been on a streak over the last five months, climbing more than 80% since mid-May. However, the rally got a big boost this month amid a flurry of encouraging headlines: strong third-quarter earnings and deliveries, a big order from car-rental giant Hertz Global Holdings Inc., and a report that the company’s Model 3 was the top-selling vehicle in Europe last month.

“The outlook for EV adoption is getting much brighter, due to a combination of more policy support, further improvements in battery density and cost, more charging infrastructure being built, and rising commitments from automakers,” Bloomberg New Energy Finance noted in a September report. BNEF estimated that passenger electric-vehicle sales will increase sharply in the next few years, reaching 14 million in 2025 compared with 3.1 million in 2020.

Shame I didn't get in there early!

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tesla Surpasses $1 Trillion in Market Value as Hertz Orders 100,000 VehiclesHertz’s major bulk purchase could help Tesla get more of its cars into the hands of mainstream consumers. Tesla shares surged on the news. thanks 15 Highest paid world leaders and presidents in 2021 Annual salary age Renting an electric car seems very inconvenient.
Source: WSJ - 🏆 98. / 63 Read more »

Tesla Eclipses $1 Trillion In Market Value After Hertz Places Biggest Electric Vehicle Order EverTesla's stock surge has made the car company more valuable than social media giant Facebook. Isn't Hertz in bankruptcy? wow LOL. Elon must resort to fleet sales because business ain't that great as anticipated. The only thing really selling is the model Y.
Source: Forbes - 🏆 394. / 53 Read more »

Stocks Close At Record Highs After Tesla Hits $1 Trillion In Market ValueInvestors are looking ahead to major tech earnings this week, hoping they can further boost stocks.
Source: Forbes - 🏆 394. / 53 Read more »

Tesla breaches $1 trillion market capTesla Inc on Monday breached a trillion dollars in market capitalization, the fifth U.S. company to join the club, which includes Apple , Microsoft , Amazon and Alphabet .
Source: Reuters - 🏆 2. / 97 Read more »

Tesla zooms past $1 trillion market cap on bet that the EV future is nowTesla Inc surpassed $1 trillion in market value on Monday after landing its biggest-ever order from rental car company Hertz, a deal that reinforced the electric car leader's ambitions to top the entire auto industry in sales over the next decade. this is terrible news I’m renting one for sure!!! We should invest in bio fuel cars as well.
Source: Reuters - 🏆 2. / 97 Read more »