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Monday, November 29, 2021
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Tesla zooms past $1 trillion market cap on bet that the EV future is now

Tesla surpassed $1 trillion in market value on Monday (October 25) 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.

Tesla shares surged as much as 14.9% to $1,045.02, making it the world’s most valuable automaker, according to Reuters calculations based on its latest filing.

Even Tesla Chief Executive Elon Musk expressed surprise at the velocity of the surge. “Strange that moved valuation, as Tesla is very much a production ramp problem, not a demand problem,” Musk tweeted in reply to a comment by Ross Gerber, co-founder of the investment fund Gerber Kawasaki and a Tesla shareholder.

“Wild $T1mes!” Musk wrote in a separate tweet.

Tesla is the first carmaker to join the elite club of trillion-dollar companies that includes Apple Inc, Amazon.com Inc, Microsoft Corp and Alphabet Inc.

Consumer demand for electric vehicles is turning a corner in some major markets. The Tesla Model 3 was the best-selling vehicle of any kind in Europe last month, consulting firm JATO Dynamics reported Monday. 

Tesla shares closed up 12.7% at $1,024.86. 

(Production: Jane Ross)

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