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: Tesla stock closes at record on the heels of Uber-Hertz deal

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
TSLA,
+1.91%

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
UBER,
-2.80%

and Hertz
HTZZ,
-1.60%

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
SPX,
-0.51%
.

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