San Francisco, Oct 25 (IANS): Elon Musk-run electric car company Tesla on Monday hit the $1 trillion market cap for the first time.

Tesla becomes the fifth US company to join the $1 trillion club, after Apple, Microsoft, Amazon, and Alphabet.

Its stock soared to a new record-high after it crossed $950 during the trading -- up more than 9 per cent.

The rally came after the US-based rental car company Hertz on Monday said it has ordered 100,000 Tesla vehicles (worth at least $4.2 billion) by the end of 2022 as part of an ambitious plan to electrify its fleet.

The move includes new EV charging infrastructure across the company's global operations.

Beginning in early November, customers will be able to rent a Tesla Model 3 at Hertz airport and neighbourhood locations in US major markets and select cities in Europe.

Hertz also is installing thousands of chargers throughout its location network.

Customers who rent a Tesla Model 3 will have access to 3,000 Tesla supercharging stations throughout the US and Europe, the company said.

Earlier, Tesla hiked prices for all four of its in-production vehicles.

The base Model 3 and Model Y electric vehicles are each priced $2,000 higher, at $43,990 and $56,990, respectively.

In addition, the base Model S and Model X vehicles will each cost $5,000 more, at $94,990 and $104,990, reports electrek.co.

Global EV sales skyrocketed 200 per cent in the last year and will likely continue to grow with commitments from global automakers to increase EV sales.

For example, in August, three US automakers pledged to boost EV sales to 40-50 per cent by 2030.