Tesla share prices hit $1,036.63 Monday afternoon, before settling at just under $1,025 at market close for a valuation of $1.01 trillion. The automaker’s market capitalization hit the trillion-Dollar market cap for the first time on Monday, following the news that Hertz would buy several billion Dollars worth of Tesla cars.

Tesla share prices hit $1,036.63 Monday afternoon, before settling at just under $1,025 at market close for a valuation of $1.01 trillion. “There appears to just be quite a profound awakening of the desirability for electric vehicles,” Tesla said.

“Folks want to buy an electric car, and folks want to buy a Tesla right now. It’s very exciting for us,” Chief Financial Officer, Zachry Kirkhorn said on the company’s third-quarter earnings conference call on Wednesday. This milestone places Tesla in an elite group of companies that also includes Google parent Alphabet, Amazon, and Facebook. Although they are still in the shadows of Apple’s and Microsoft’s $2-trillion-plus market caps.

Tesla is the second-fastest company to hit the $1 trillion mark, reaching it just more than 12 years after its 2010 initial public offering (IPO). Only Facebook, which needed just over 9 years from its IPO to reach $1 trillion, got there faster. It took Apple more than 37 years to hit the mark after its inception in 1980, making it the longest company in the group. Followed by Microsoft, which took a bit more than 33 years. Amazon needed 21 years, while Google reached the mark for the first time after 15 years.

Last year Tesla sold only 500,000 cars worldwide, meaning its current market value is equivalent to roughly $2 million per vehicle sold. The company has already sold 627,000 cars so far this year and aims at being close to a million sales for the full year. This will equate to a valuation of more than $1 million per vehicle, and investors are optimistic about Tesla achieving its target of 50 percent or more in annual sales growth for years to come.

Following this achievement, the New York Stock Exchange has pushed Tesla’s market value to more than the 11 largest global automakers combined. Tesla is now worth more than three times as much as Toyota (TM), the second most valuable automaker, which has a market cap of about $280 billion and brags of sales and profits that are low compared to those of Tesla.


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