Tesla’s October 2021 market-value surge followed Hertz’s order for 100,000 electric cars.
On October 25, 2021, Hertz announced an order for 100,000 Tesla vehicles, with deliveries planned to begin in November. Tesla’s share price rose sharply after the announcement, and the company’s market capitalization passed one trillion dollars for the first time.
The order was significant because Hertz was a large mainstream rental-car company rather than an early-stage electric-vehicle specialist. It gave electric vehicles additional visibility in the rental market and signaled that battery-powered cars were becoming part of large commercial fleets.
Tesla was not the first automaker to reach a trillion-dollar valuation in every possible intraday comparison, but the Hertz announcement is closely associated with its October 2021 milestone. Tesla’s market value has remained particularly volatile because investors weigh vehicle deliveries, production capacity, battery technology, autonomous-driving claims, and the company’s energy businesses.