Billion dollar order Tesla with 100,000 cars for Hertz

Asia's Tech News Daily

Billion dollar order Tesla with 100,000 cars for Hertz

The American car rental company Hertz has placed an order with Tesla for 100,000 cars. The order for these electric cars will generate an additional turnover of 4.2 billion dollars (3.6 billion euros) at the American car manufacturer. This was confirmed by car rental company Hertz on Monday, after publications from Bloomberg news agency.

Large discounts are often negotiated by car rental companies for large orders, but Hertz would reportedly pay most of the list prices. The cars, the Model 3, are to be delivered over the next fourteen months and will be on the road in the United States and, in a year’s time, in parts of Europe. The Model 3 currently costs $44,000 in the US.

The intention is for tenants to use Tesla’s charging facilities. Hertz would also work on building its own charging infrastructure.

Hertz came out of bankruptcy earlier this year. The new owners are said to have plans to virtually completely electrify the car rental company’s global fleet of nearly half a million vehicles.

“How do we make access to electric cars possible for many more people?” Hertz CEO Mark Fields asked himself in an interview with Bloomberg last month. “That will be an important part of our strategy. And Tesla is the only manufacturer that can produce electric cars on a large scale.”

The order forms a substantial part of Tesla’s production. In the third quarter, the group produced almost a quarter of a million electric cars. Hertz added Monday that the realization of the purchase of 100,000 cars will depend on external factors, “such as chip shortages and other restrictions”. With the order, Tesla overtakes General Motors as Hertz’s largest supplier.

Shake it up

After its bankruptcy, the car rental company came into the hands of Knighthead Capital Management and Certares Management. The mega order would fit the strategy of reportedly shaking up the conservative car rental industry. “The new Hertz aims to lead the way as a mobility company with the largest electric vehicle fleet,” Fields said in a press release. The lessor has a fleet of 440,000 vehicles.

Tesla shares rose 4 percent on Wall Street on Monday. Last week, the Morgan Stanley bank forecast that Tesla founder Elon Musk may become the first ‘trillionaire’ to own more than $1 trillion. That would not only be the result of the appreciation of Tesla, but also of the value of space company SpaceX.

Billion dollar order Tesla with 100,000 cars for Hertz
Source link Billion dollar order Tesla with 100,000 cars for Hertz

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