Tesla market cap hits $1 trillion after Hertz orders100K electric vehicles

Tesla Fremont Factory

The stock price of Tesla Inc (NASDAQ: TSLA) surged more than 12% to $1,024.86 per share after Hertz announced that it is ordering 100,000 electric vehicles by the end of 2022.

By the end of the trading day, Tesla’s market capitalization reaches $1 trillion for the first time. The EV manufacturer is now part of the list of trillion-dollar companies such as Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL), Amazon Inc (NASDAQ: AMZN),  Apple Inc (NASDAQ: AAPL), and Microsoft Corporation (NASDAQ: MSFT).

Morgan Stanley analyst raises the price target on Tesla shares

Several other factors boosted Tesla shares on Monday. Morgan Stanley analyst Adam Jonas raised his 12-month price target on TSLA stock from $900 to $1,200 per share. He also maintained his “overweight” rating.

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Jonas noted the company’s “extraordinary sales growth” and he believes that it will achieve “manufacturing leadership” in the electric vehicle sector.

In a note to investors, Jonas wrote, “The Tesla you’ll likely see over the next 12 to 18 months would demonstrate the capabilities of the trillion-dollar Tesla, emphasizing step-changes in manufacturing, cost reduction … expansion in capacity, model lineup and services offerings.”

Tesla Model 3 is now the best-selling EV in Europe

Meanwhile, Jato Dynamics released a report indicating that Tesla’s Model 3 is now the best-selling electric vehicle in Europe in September. There were 24,600 registered Model 3, representing a 2.6% market share in the continent.