Tesla Model 3 cars in a Hertz rental car parking garage in San Francisco, Feb. 7, 2022. The share prices of both companies popped, and Tesla’s market capitalization surged past $1 trillion, exceeding the valuations of nearly all traditional automakers combined. “Kudos to Mark Fields and the Hertz team for steering a great American brand into the electric and connected future,” Ford CEO Jim Farley tweeted. Hertz had emerged from Chapter 11 bankruptcy only a few months earlier. It was betting on electric vehicles to power its revival.

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Persons: Dylan Stewart, ZUMA Press Hertz, ”, Mark Fields, ” Ford, Jim Farley, Hertz Organizations: Tesla, ZUMA Press, Hertz Locations: San Francisco, American