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Tesla’s market capitalization jumps to nearly $ 1 trillion as the good news piles up

You can see Tesla Motors’ four Tesla Model 3 electric vehicles being charged at the electric vehicle charging station in San Ramon, California on September 26, 2018. Smith Collection / Gado / Getty Images

Embarrassed car rental giant Hearts On Monday, he said he plans to order 100,000 Tesla electric vehicles as part of an effort to electrify future vehicles. With this announcement, Tesla’s share price reached a record high of $ 950 early in trading hours, bringing its market value to nearly $ 1 trillion.

Primarily the purchase of Tesla’s Model 3 sedan is the single largest order for an electric vehicle to date, accounting for about one-tenth of Tesla’s current annual production.

“Electric vehicles are currently mainstream, and global demand and interest is just beginning,” Hearts interim CEO Mark Fields said at a press conference on Monday. “The new Hertz will pave the way for a mobility company with a commitment to start with the largest EV rental fleet in North America, expand the EV fleet and provide the best rental and charging experience for leisure and business customers around the world. is. ”

According to Fields, Tesla cars will be available for sale at Hearts rental locations starting in November. The entire order will be delivered by the end of 2022.

It’s a tough schedule for Tesla. EV manufacturers already have backlogs due to strong demand and a shortage of auto parts supply.Like all other car makers today, Tesla is working Persistent global shortage of car chips..Most models sold out Until the spring of 2022.

But supply chain issues don’t seem to plague Tesla investors. The company’s strong third-quarter performance boosted its market share by 11% last week (Tesla delivered a record 241,300 cars in the third quarter).

Also on Monday, the Tesla Model 3 was Europe’s best-selling car in September, according to a report by the UK-based automotive research group JATO Dynamics. Bloomberg First reported. This was the first time electric vehicles had exceeded monthly vehicle sales in the region.

Total According to the report, 24,591 Tesla Model 3s were registered in Europe last month, up 58% from a year ago. The Tesla Model 3 and Model Y are in the top two in the battery-powered electric vehicle segment, followed by Volkswagen ID.3.

“September has historically been a strong month for US manufacturer registration results in Europe, accounting for an average of 68% of shipments in the third quarter since 2018,” said the JATO report. “Model 3’s strong performance is partly explained by Tesla’s intensive end-of-quarter promotion.”

Morgan Stanley analyst Adam Jonas raised Tesla’s target price by a third to $ 1,200 on Monday due to the company’s “extraordinary” sales growth despite supply chain challenges. I made it. At the time of the press, Tesla shares were trading at $ 972 per share, with a market capitalization of $ 950 billion.

Tesla is a nearly $ 1 trillion company after a huge Hearts order, Morgan Stanley upgrade

Tesla’s market capitalization jumps to nearly $ 1 trillion as the good news piles up

Source link Tesla’s market capitalization jumps to nearly $ 1 trillion as the good news piles up

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