Tesla, the electric car company, has reached the milestone valuation of $1 trillion, as its Model 3 car tops the sales chart in Europe for the first time.
Tesla, the electric vehicle company founded in 2003, crossed the historic valuation point of $1 trillion (~£725 billion) on 25 October, though shares later fell below that level as trading continued. Apple was the first-ever company to reach such a valuation, and has since been followed by the likes of Apple, Amazon, Facebook, Microsoft, and Alphabet (Google’s parent company).
Related: Tesla has opened the doors to its new Gigafactory, and it looks electrifying
The news follows just after the Tesla Model 3 was declared the bestselling car in Europe during the month of September thanks to shifting 24,600 units, this being the first ever time that a battery electric vehicle had topped the sales charts on the continent.
The Guardian reports that sales figures for the brand were further boosted after the rental company Hertz made an order for 100,000 Tesla vehicles, and it was after this purchase order that shares in the company rose by 9% to hit that magic $1 trillion number.
Related: The Tesla Model 3 beat fossil fuel rivals to become the UK’s most popular car in December
Sales of electric vehicles are only due to increase in the coming years, especially due to legislation internationally that will ban the sales of cars with combustion engines during this decade or the next. Tesla is likely to face stiff competition from other major automobile companies as they transition to fully electric car models, but for the time being it certainly seems secure in its position as the world’s foremost manufacturer of electric vehicles.
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