Tesla drives $1 trn market cap home as investors bet on EV future

  • Tesla Inc surpassed $1 trillion in market capitalization 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.
  • For Tesla and its investors, Hertz’s decision to order 100,000 Tesla vehicles by the end of 2022 showed electric vehicles are no longer a niche product, but will dominate the mass car market in the near future.
  • Tesla now faces the daunting day-to-day challenge of becoming a high-volume automaker growing at a rate not seen since the early 1900s when demand exploded for Henry Ford’s Model T. Tesla is coping with an order backlog for its vehicles and extended supply chain disruptions.
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