Tesla to supply 1 lakh of electric cars to Hertz

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Tesla to supply 1 lakh of electric cars to Hertz

Hertz on Monday announced an order for 100,000 Tesla Inc cars, making a move towards converting its fleet to electric vehicles just months after coming out of bankruptcy. Tesla stock was up 4.3% and was expected to open at an all-time high after the order. Stocks were also boosted by news that the company’s Model 3 was becoming the first electric vehicle to surpass monthly new car sales in Europe. Hertz said it has ordered 100,000 Tesla Inc cars for delivery by the end of 2022.

The car rental company also said it is installing thousands of chargers on its network. Customers who rent a Tesla Model 3 will have access to 3,000 Tesla supercharging stations in the United States and Europe.

Tesla’s cheapest Model 3 sedan starts at around $ 44,000, making it the electric automaker’s biggest order, worth around $ 4.4 billion.

Electric vehicles are now mainstream and we’re just starting to see an increase in demand and interest globally,” said Mark Fields, interim CEO of Hertz.

US President Joe Biden has made it a priority to support the deployment of electric vehicles to fight climate change, but the lack of charging network infrastructure could remain a major obstacle to his ambitious plan.

Bloomberg News was the first to report the order.

Hertz filed for bankruptcy last year as travel demand plummeted at the height of the pandemic and talks with creditors failed to provide relief.

It was rescued by a group of investors including Knighthead Capital Management, Certares Opportunities and Apollo Capital Management.


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