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Tesla becomes World’s First Automaker to Hit 1 Trillion Dollar Valuation

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Tesla has been breaking records back to back. The other day, we told you about their new achievement they made – a 56% increase in revenue compared to the same period last year. Now they are back with an even greater record, becoming the first automaker to hit a trillion dollar valuation.

This valuation effectively puts Tesla in the heavy weights, the only other companies to hit such levels are Apple, Amazon, Alphabet (Google’s parent company) and Microsoft. The soaring in value was contributed by a deal between Tesla and Hertz, a leader in the rental car sector. The deal stated that Hertz was to order 100,000 Tesla Model 3 cars which will make up for 20 percent of its entire rental fleet. The order was reportedly done at the cars full price of $44,000 per unit which translates to $4.4 billion. The share price of Tesla rose 12.6 percent in response to this development and effectively propelled the carmaker into a market cap of $1.03 trillion.

In case you are wondering, Elon Musk’s 23% share of the company is now worth around $230 billion solidifying his lead as the richest person in the world.

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Model 3, on its own, broke a new record as well, it was Europe’s best selling car of the month of September. No electric car has ever gotten that status before, it was also the first time a car manufactured outside of Europe got to the top of the best selling list in that continent with 24,591 units sold. Renault Clio and Dacia Sandero took the 2nd and 3rd spots respectively. Will Tesla remain in the trillion dollar club or will it have a short stay like Facebook did? Only time will tell.

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Dennis Mathu
Dennis Mathu
I cover motoring news, gadgets, software releases, mobile apps and enterprise systems powering corporations. Contact me at [email protected] or [email protected]

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