Tesla value tops $1 trillion after Hertz orders 100,000 cars

Hertz said Monday that it would convert more than 20% of its rental fleet to Tesla's electric cars by the end of next year, an announcement that helped propel Tesla's stock value beyond $1 trillion for the first time. The order for 100,000 Teslas was a bold move for Hertz, which is just emerging from bankruptcy, and a sign of growing momentum in the shift to electric vehicles. And it was the latest fuel for Tesla's skyrocketing share price, which gained nearly 13% to finish the day at $1,024.86, its first close above $1,000. In announcing its order from Tesla on Monday morning, Hertz declined to comment on the value of the deal. Bloomberg said the order would generate about $4.2 billion of revenue for Tesla, suggesting that Hertz was paying close to face value for the vehicles.