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Hertz Order for 100,000 EVs Sends Tesla Value to $1 Trillion

  • Rental firm exited bankruptcy four months ago under new owners
  • Electrification plan to eventually include most of Hertz fleet
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Tesla Becomes a $1 Trillion Company
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Hertz Global Holdings Inc., barely four months out of bankruptcy, placed an order for 100,000 Teslas in the first step of an ambitious plan to electrify its rental-car fleet. Tesla Inc.’s shares soared, pushing the automaker’s value past $1 trillion for the first time.

The cars will be delivered over the next 14 months, and Tesla’s Model 3 sedans will be available to rent at Hertz locations in major U.S. markets and parts of Europe starting in early November, the rental company said in a statement. Customers will have access to Tesla’s network of superchargers, and Hertz is also building its own charging infrastructure.