Tesla’s market value increased beyond $1 trillion on Monday after Hertz announced “an initial order” of 100,000 vehicles from the automaker.
Hertz has ordered the Tesla Model 3, which starts at around $40,000 and is the automaker’s best-priced vehicle among its current range of electric vehicles (EVs).
The deal means that from early November, and subject to availability, Hertz customers will be able to rent a Tesla Model 3 at Hertz airport and neighborhood locations across the U.S. and select cities in Europe. The company is yet to reveal rental terms for the vehicle.
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