Tesla closed the day up more than 12% with a market value of $1.03 trillion

In the single largest, purchase of electric vehicles ever. Hertz plunked down-an order for 100,000 TESLAS worth about $4.202 billion. In another first, Tesla closed the day up more than 12.1% with a market value of $1.031 trillion, putting it in a league with Apple, Microsoft LinkedIn's parent company, Amazon and Alphabet. Starting in November, Hertz customers will be able to rent Model 3 sedans in major U.S. markets and parts of Europe. The move by Hertz, which recently emerged from bankruptcy, is part of a plan to electrify half of its fleet, including trucks.

Tesla the stock is worth $1.03 trillion. Holy Moly. Rental cars pushed it over the edge. That's right, Hertz did it. A $4 billion order created $175 billion in market capitalization. It actually makes sense. It's Tesla's first fleet sales and another sign evs are very desirable vehicles. As ever, there is Tesla the stock and Tesla the company. Argue away about valuation. But from a business execution perspective Tesla is solid. They just sold $4 billion worth of cars with the stroke of a pen.

Hertz to purchase 100,000 Tesla Model 3s for its rental fleet

Some of Hertz's fleet will be powered by a new, larger Panasonic battery.

Hertz announced Monday it is placing an order for 100,000 Tesla vehicles by the end of 2022, sending Tesla shares jumping. Hertz CEO Mark Fields told Reuters the Tesla vehicles were already arriving and would be available for rental in November. The announcement is a boost for the EV market and a sign that EVs are continuing to become more mainstream.

Some of the Model 3s in Hertz's fleet may be powered by new, larger batteries. Panasonic is showing off a new prototype lithium-ion battery that Reuters describes as being five times bigger than the cells currently used by Tesla.

Production on the Tesla 4680 battery cell will begin in 2022, and the move to the larger cells is expected to reduce manufacturing costs for the carmaker.