Tesla soars over 4% as Hertz orders 100,000 cars

EPA-EFE/FELIPE TRUEBA

The shares of Elon Musk's Tesla Inc. jumped by more than 4% in Monday's premarket trading following the news that car rental company Hertz made a massive order of the carmaker's electric vehicles as part of its plans to recover from bankruptcy by upgrading its fleet.

Earlier today, Hertz Corp. confirmed it has ordered 100,000 new cars that should be delivered by the end of next year in a deal worth at least $4.4 billion.

Tesla's stocks surged 4.31% in premarket trading to sell for $948.90 a share following the news and are on a path of setting a new record high once today's session kicks off.

Baha Breaking News (BBN) / ND