Tesla achieved Monday a market value of $1 trillion, becoming only the fifth company to reach such a milestone.
The run up in market capitalization followed a $4.2 billion order from rental car company Hertz. The company announced Monday that it would replace about a fifth of its fleet with Tesla Model 3 sedans.
Tesla has held the title of world’s most valuable carmaker since it passed Toyota in January. Even though Tesla makes fewer cars than many automakers, investors seem bullish on the company’s position as a leader in the transition to electric vehicles.
A trillion dollar valuation was previously only only achieved by tech companies Apple, Microsoft, Amazon and Google’s parent company Alphabet.