Today, some rather incredible headline news has shaken up the electric vehicle (EV) space. As we reported earlier, Hertz (OTCMKTS:HTZZ) has made a big splash. The company announced the largest ever single order of electric vehicles today. These electric vehicles are to be sourced from none other than American EV giant Tesla (NASDAQ:TSLA). Accordingly, investors in TSLA stock are having themselves quite the day.
On this news, HTZZ stock received an obvious boost. Indeed, investors appear to like the strategic shift Hertz has made. Additionally, the company’s “all-in” approach to EVs moving forward, including the announced investment in EV charging infrastructure, is bullish for this space overall.
For Tesla, this massive $4.2 billion order is significant. A company that has focused primarily on a direct-to-consumer model now has a wholesale order. Accordingly, investors seem to like what this deal implies for the world’s largest automaker by market capitalization.
Let’s dive more into what this deal means for investors in TSLA stock.
TSLA Stock Soaring on Announced Hertz Order
Today’s massive EV order has sent shares of TSLA stock to fresh new all-time highs. This is a company that has managed to achieve a market capitalization equivalent to the combined market caps of all major North American and European automakers combined. However, investors have saw fit to bid up Tesla’s valuation to nearly $1 trillion at the time of writing.
Besides the impressive Hertz order, Tesla also received a boost from an FSD (full self-driving) update. The company announced that issues with its FSD Beta 10.3 update have been fixed. This weekend, the company pushed its FSD Beta back to 10.2, citing various issues that needed attention.
Today, Elon Musk reported on Twitter that FSD 10.3 has now rolled out.
For investors in TSLA stock, the catalysts don’t seem to stop rolling in. Indeed, Tesla remains one of the best-performing companies in the market.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.