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Electric Vehicle Checkpoint: Tesla Nears $1 Trillion Valuation

See the latest news for the top stocks in the electric vehicle space including Ford, General Motors, Lordstown Motors, and more.

Tesla  (TSLA) - Get Tesla Inc Report shares surged again Monday, taking the clean-energy carmaker to a fresh all-time high, after hitting a record high on Friday as investors continue to reward the clean-energy carmaker's record third-quarter earnings. 

The EV titan is now within clear sight of a $1 trillion valuation.

Speaking of earnings, over on Action Alerts PLUS, Chris Versace and Bob Lang note that Monday kicks off an earnings avalanche, with more than a quarter of the S&P 500 component companies reporting this week, along with the five largest tech names. Get more of their investing insights and trading strategies here.

Tesla overtook Facebook  (FB) - Get Facebook, Inc. Class A Report as the fifth most valuable company in the United States Monday following a price target boost from Morgan Stanley and a $4.4 million EV order from Hertz.

Hertz Global  (HTZ) - Get Hertz Global Holdings, Inc. Report had ordered 100,000 Tesla cars -- which are expected to be delivered by the end of next year -- as it ramps up the size of its electrified rental fleet.

"While Hertz is in the early stages of electrifying its rental car fleet, Tesla getting an order of this magnitude highlights the broader EV adoption underway as part of this oncoming green tidal wave now hitting the US," Wedbush analyst Dan Ives said in a note to investors.

The vehicles will be delivered by the end of 2022, the company said.

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"Electric vehicles are now mainstream, and we've only just begun to see rising global demand and interest," said Hertz Interim Chief Executive Mark Fields in a statement. 

Tesla shares were marked 4.9% higher in pre-market trading Monday to change hands at $954.20 each, a move that would peg the group's value at around $940 billion -- just ahead of the $905 billion valuation for Facebook. 

Tesla posted a net income of just over $2 billion for the three months ending in September, alongside the strongest profit margins in the group's history -- 30.5% -- and record sales of $13.7 billion. The blowout figures followed another all-time high in third-quarter deliveries, which rose 73.2% from last year to 241,300 units. 

Tesla noted in its earnings release that a variety of challenges, including semiconductor shortages, congestion at ports, and rolling blackouts, have been impacting the company's ability to keep factories running at full speed, although the group still managed to deliver a record number of new cars over the three months ended in October.

Earlier this month, Tesla also unveiled plans to move its headquarters from California, the carmaker's home for nearly two decades, to Texas, the site of its developing gigafactory and the home of SpaceX.

Morgan Stanley clients apparently believe big-time in Elon Musk’s SpaceX company. “The majority of our [investor and industry expert] clients (by survey and client discussions) believe SpaceX could ultimately command a higher valuation and significance than even Tesla,” Morgan Stanley analyst Adam Jonas wrote in a commentary cited by CNBC.

The space company has a ways to go to catch up with Musk’s electric car titan. Although, SpaceX was valued at $100 billion in a secondary share sale reported by CNBC earlier this month.

Here are the top electric vehicle stocks to watch: