Tesla boss (TSLA) Elon Musk has reinforced his position as the richest man in the world as Tesla’s market value has broken through the $1tn (£725.7bn) mark for the first time after receiving an order for 100,000 of its vehicles from the car rental company Hertz (AZC0.F).
Tesla joins tech companies Apple (AAPL), Amazon (AMZN), Google owner Alphabet (GOOG), Facebook (FB) and Microsoft (MSFT) among the US firms who have passed the trillion-dollar mark. Apple became the first company to achieve the landmark in 2018.
Tesla’s Model 3 was the UK’s best selling car in September, with 6,879 units registered in the month, according to data from the Society of Motor Manufacturers and Traders.
The company saw a record quarter as the Model 3 was also the bestselling car across Europe in September — the first time a battery electric vehicle had topped the monthly sales charts in the region.
The company is set to benefit from accelerating sales of electric vehicles (EVs) in the run-up to government bans on petrol and diesel cars to meet climate targets.