Elon Musk Defies a Car Industry Mantra With Tesla-Hertz Deal

Sales to rental-car fleets have at times been viewed as a liability for auto makers. Elon Musk is defying that stigma, with Tesla Inc.’s deal to supply cars to Hertz Global Holdings Inc. signaling electric vehicles are ready for the masses.

Tesla has added roughly $109 billion to its market capitalization since Hertz said it had ordered 100,000 vehicles to be delivered by the end of next year. That share-price surge helped Tesla become the latest U.S. company to cross $1 trillion in market value.

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