On Monday, Hertz, the car rental agency, said that it had placed an order for 100,000 Teslas, a sign of growing momentum in the shift to. When the Tesla order is completed by the end of , electric vehicles will make up more than 20 percent of Hertz’s global vehicle fleet, the company said. Hertz said it was teaming up with football quarterback to promote its E.V. offerings in a .
“Electric vehicles are now mainstream, and we’ve only just begun to see rising global demand and interest,” Mark Fields, Hertz’s interim chief executive, said in a news release. “The new Hertz is going to lead the way as a mobility company, starting with the largest E.V. rental fleet in and a commitment to grow our E.V. fleet and provide the best rental and recharging experience for leisure and around the world.”
The Tesla Model 3 in some major markets in the United States and Europe starting in early November. The company it planned to install thousands of chargers at its locations.. Bloomberg, which reported the news before the announcement, said the order would generate about $4.2 billion of revenue for Tesla, suggesting Hertz was to face value for the vehicles. firms typically demand deep discounts for large vehicle orders. Hertz customers will rent a
“While Hertz is in the early stages of electrifying its rental car fleet, Tesla getting an order of this magnitude highlights the broader E.V. adoption underway in our opinion as of this oncoming green tidal wave now hitting the U.S.,” Dan Ives, an at Wedbush, said in a research note. Hertz filed for bankruptcy in May 2020, falling victim to mounting debt and a devastating blow to its business caused by the . But the quick economic and provided a lifeline, setting off a bidding war for the company.
Hertz emerged from bankruptcy in June, just as expedition started to surge in the United States because of the widespread availability of share price rose 8 percent on the news, and Tesla’s was up about 7 percent in early trading.. The bankruptcy proceeding allowed the company to shed much of its debt, freeing it to invest in modernizing its fleet. The last few months have also been good for car rental firms in general, which sold off vehicles to survive the early stages of the pandemic but were unable to rebuild their fleets as quickly because of the that has held back automaking. That supply constraint, combined with a , has pushed up rental car prices and use. After s of its stock trading in the less-restricted over-the-counter market, Hertz this month also announced plans to list its shares on Nasdaq. Hertz’s