Tesla fleetingly reached a trillion dollars in market value

Tesla is going through a great time despite problems in the supply chain that supports the production of autonomous vehicles.

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Electric vehicle giant Tesla  briefly reached $ 1 trillion in market value on Monday following a large purchase order from car rental company Hertz.

At around 5:35 PM GMT, Tesla shares rose 9.3% to $ 994.22, giving it a market value just under the trillion dollars it had hit shortly before.

The stock spike came after Hertz, a major American car rental company, announced a purchase order for 100,000 Tesla cars by the end of 2022.

Hertz’s order followed strong earnings reported by Tesla last week, both showing the company’s strength despite a semiconductor shortage that has hit other automakers the hardest.

Elon Musk celebrated the arrival at this point with a tweet.

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Morgan Stanley’s main analysts raised their projection of the company’s share performance from $ 894 to $ 1,200 after highlighting its “extraordinary” income in the last quarter, despite supply chain problems.

A note from Morgan Stanley predicted that in the next 12 to 18 months Tesla would “demonstrate” its ability to reach a trillion dollar value as it increases its production and its offering of models and services.

Greed for Tesla’s stock dismissed a warning from US authorities to the company for failing to implement some suggested recommendations for its autonomous driving program.