Shares of the EV maker dipped after CEO Elon Musk tweeted Monday that a contract with the car-rental company hasn’t yet been signed, despite how it’s pushed Tesla’s valuation to US$1 trillion. (The Logic)

Talking point: Musk had been clear that Hertz was paying the same rate as consumers, expressing surprise last week that Tesla’s valuation rose, since he views the company’s challenges as supply—rather than demand—problems. Still, the Hertz agreement also tied in with another big deal with Uber, and has already led to Tesla shipments. Electric-car adoption has become a popular trend among some investors, with Avis Budget Group’s stock more than tripling this morning after comments on electrification during an earnings call. EV maker Rivian, meanwhile, will go public seeking a valuation range of more than US$60 billion at the high end. That’s less than originally speculated, but could be nearly as much as that of Honda and potentially more than Ferrari’s.