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 -6.42% 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 -5.95% 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 -0.84% .