New York | Hertz said it would convert more than 20 per cent of its rental fleet to Tesla electric cars by the end of next year, an announcement that helped propel Tesla’s stock value beyond $US1 trillion ($1.33 trillion) for the first time.

The order for 100,000 Teslas was a bold move for Hertz, which is just emerging from bankruptcy, and a sign of growing momentum in the shift to electric vehicles.