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Oct. 28, 2021, 8:15 a.m. EDT

Tesla stock closes at record on the heels of Uber-Hertz deal

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Claudia Assis

Shares of Tesla Inc. ended at a fresh record on Wednesday as Hertz Global Holdings Inc. and Uber Technologies Inc. said the rental-car company would offer Tesla vehicles for ride-hailing.

Tesla /zigman2/quotes/203558040/composite TSLA -3.05% stock traded as high as $1,070.88 before closing at $1,037.86 on Wednesday, the latest in a string of records for the electric-vehicle maker.

Earlier Wednesday, Uber /zigman2/quotes/211348248/composite UBER -3.71% and Hertz said the car-rental company would supply up to 50,000 Tesla cars to Uber drivers. The rented Teslas could be in service as soon as next week in a few U.S. cities, with a nationwide rollout planned for later.

Tesla stock has gained 14% so far this week, boosted by news Monday that Hertz plans to order 100,000 Teslas for its rental-car fleet. Monday’s 12% rally and record close pushed Tesla’s market valuation past $1 trillion.

So far this year, Tesla shares have gained 50%, compared with gains of around 22% for the S&P 500 index /zigman2/quotes/210599714/realtime SPX -2.27% .

/zigman2/quotes/203558040/composite
US : U.S.: Nasdaq
$ 1,081.92
-34.08 -3.05%
Volume: 11.68M
Nov. 26, 2021 1:00p
P/E Ratio
350.32
Dividend Yield
N/A
Market Cap
$1086.53 billion
Rev. per Employee
$445,694
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/zigman2/quotes/211348248/composite
US : U.S.: NYSE
$ 40.52
-1.56 -3.71%
Volume: 35.45M
Nov. 26, 2021 1:10p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$78.61 billion
Rev. per Employee
$488,553
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/zigman2/quotes/210599714/realtime
US : S&P US
4,594.62
-106.84 -2.27%
Volume: 2.10B
Nov. 26, 2021 2:12p
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