Tesla joined the $1 trillion club this week. It’s the sixth giant that became part of this eminent group. 

The value of this electric vehicle maker and clean energy enterprise surpassed the trillion-dollar threshold on Monday, October 25. For Tesla, this happened for the first time since its foundation. The company stock price rallied nearly 13% after last week's strong earnings report and news that a car rental company Hertz would buy several billion dollars worth of Tesla cars. This announcement was the main trigger to increase the value of Musk’s lifework venture.

The electric automaker reported impressive third-quarter results. Revenue soared 58% year on year to $12.1 billion, operating cash flow jumped 31% to $3.1 billion, and net income came in at $1.6 billion, marking Tesla's ninth consecutive profitable quarter.

Tesla is the only corporation that joined the famous circle this year. However, there are two more months until the end of the year and there are possibilities that some tech companies might become members too (eg. Facebook and Nvidia). 

In Q3, Tesla factories made a record of 237,823 cars which is an increase of 64% year over year and delivered 241,300 cars (up 73%) to customers. In comparison, General Motors announced its third-quarter sales fell 33% year over year. Also, Stellantis and Ford reported declines in sales of 19% and 27%, respectively.

Tesla has a lot of big projects coming up next year. It hopes to make its first car at the Gigafactory Berlin and Gigafactory Texas. The production at these factories, the additional output should further boost efficiency. Gigafactory Berlin could be a gamechanger, as it will localize its business in Europe, cutting Tesla's shipping and logistics expenses.

As you can see, the future is looking bright for the youngest trillionaire company.