Tesla’s market valuation hit and then surpassed the $1 trillion mark yesterday, over 11 years after it became a public company.

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Tesla met the $1 trillion market cap mark around midday yesterday when shares hit $998.22. Share prices were just below $1,000 and then suddenly soared past it, trading at $1,024 when the market closed, making it the first time the company’s share price reached and traded above $1,000.

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The company hit a new all-time high, following the news that rental car company Hertz is ordering 100,000 Tesla vehicles as part of its plans to electrify its fleets. The deal with Hertz will reportedly bring in $4.2 billion for Tesla and is one the largest-ever purchases of electric vehicles, according to Bloomberg.

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Tesla CEO Elon Musk has set an annual sales growth target of 50%, on average, eventually reaching 20 million vehicles a year, more than twice the volume of current sales leaders Volkswagen and Toyota.

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