Tesla hit a $1 trillion market value for the first time after rental car company Hertz said it would buy 100,000 Teslas.
Hertz is ordering the electric vehicles as part of an ambitious plan to electrify its fleet.
The company will offer a first tranche of Tesla’s Model 3 sedans for rent in major U.S. and European markets from early November.
“Electric vehicles are now mainstream, and we’ve only just begun to see rising global demand and interest,” said Hertz interim boss Mark Fields.
Hertz said it will also install “thousands” of charging stations in its locations, which will supplement Tesla’s already expansive Supercharger network and will set up an expedited app-based booking process for the electric vehicles.
The announcement comes just months after Hertz escaped bankruptcy caused by the coronavirus pandemic.
News of the purchase was first reported by Bloomberg, which says the deal is the single largest order ever for electric vehicles, and worth $4.2 billion in revenue to Tesla.
The news also brought Tesla’s stock to more than $1,045 a share during Monday’s midday trading. The stock closed up 12.66% at about $1,024 a share.
Elon Musk’s personal fortune jumped by $36.2 billion to $288.6 billion as a result.