Call me sentimental, but while everyone was lauding Tesla’s astonishing rise to a more than $1 trillion ($1.35 trillion) market value on Oct 25, all I could think about was how wretched the rest of the auto industry must feel, and how they might respond.

In just one frenetic trading session, Tesla added US$118 billion to its worth, or almost double that of Ford Motor’s entire market capitalisation.

The trigger for this latest surge — a deal to supply 100,000 Teslas to Hertz Global Holdings — is a head-scratcher, as it represents “only” about US$4.2 billion of revenue. And arguably it’s not even this year’s most significant car rental deal.

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