Automaker Tesla's market capital surged past $1 trillion on Monday making it the second fastest company ever to reach this mark.
Tesla shares surged as much as 14.9 percent to $1,045.02 after landing its biggest-ever order from car rental company Hertz, according to Reuters. Tesla became profitable for the first time in the last year taking the shares to new heights.
The Hertz order of 100,000 Tesla vehicles by the end of 2022 reinforced the electric car leader's ambitions to top the entire auto industry in sales over the next decade.
Tesla Inc., led by billionaire Elon Musk, is now the world's most valuable automaker, says Reuters based on its latest filing. Musk's 23 percent stake in the company is now worth about $230 billion, according to Refinitiv.
Prior to this only Apple, Microsoft, Amazon and Google-owner Alphabet had crossed $1tn mark. Tesla is the first carmaker to join this elite club.
Expressing his pleasant surprise at the velocity of the surge Tesla Chief Executive Elon Musk tweeted: "Strange that moved valuation, as Tesla is very much a production ramp problem, not a demand problem."
Musk's tweet was in response to a comment by Ross Gerber, co-founder of the investment fund Gerber Kawasaki and a Tesla shareholder. "Wild $T1mes!" Musk said in his tweet.
Musk is also the CEO of rocket maker SpaceX, a private company worth $100 billion as of an October secondary share sale, according to a CNBC report.
Tesla has been aiming an annual sales growth target of 50 percent, leading to sale of 20 million vehicles a year.
