Tesla shares again hit an intraday all-time high, bringing it even closer to hitting a $1 trillion market cap. On Friday, the manufacturer's shares reached $995.08 per share, which made investors very happy.
Tesla shares are back in the spotlight as they hit new all-time highs again. On Monday, during the trading day, the price reached an impressive $995.08 per share. As of this writing, the stock is trading at $992.81 per share.
Along with the rise in the manufacturer's share price, its market capitalization has also increased significantly, reaching a whopping $994.3 billion at the time of this writing, getting even closer to the $1 trillion mark. So Tesla is worth more than the world's nine most expensive carmakers, including Toyota, Volkswagen, Daimler, General Motors, NIO, Ford, BYD, Great Wall, and BMW combined.
In order to become a $1 trillion company, the share price must reach $998 per share. In fact, with positive news, it won't be that hard to do. When Tesla hits the $1 trillion mark, it will officially become the first car company in the world to ever reach that milestone.
The stock rally began after Tesla reported an impressive 241,300 deliveries in Q3 2021. However, the rally was particularly active after the company reported financial results that significantly exceeded forecasts. In addition, impressive news broke on Monday that made some investors take a broader look at the company than before.
It became known that Hertz Global Holdings Inc. placed an order for 100,000 Tesla Model 3s as a step towards its ambitious plan to electrify its rental car fleet. It will be the largest EV purchase known to date and is a great example for other companies in the fight to reduce CO2 emissions from combustion engine vehicles. This indicates that large companies have turned their eyes to Tesla, and in the future, the number of such large orders will only increase. Thus, the manufacturer will have a constant high demand for its cars, which will only increase its value.
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