Largest order for plug-in cars ever: 100,000 Teslas to Hertz for rental

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Largest order for plug-in cars ever: 100,000 Teslas to Hertz for rental

The order from Hertz is the largest order for electric cars ever. It is also striking that Hertz pays the list price for Tesla’s Model 3s, while normally hefty discounts are negotiated on these types of large orders. The cars must be delivered before the beginning of 2022.

Bankruptcy

The order comes exactly one year after Hertz was saved from destruction. The car rental company, which is very dependent on travelers at airports, saw its entire market disappear in April due to corona. Negotiations with creditors failed and bankruptcy seemed inevitable until in October 2020 a group of investors, including Apollo Capital, Certares Opportunities and Knighthead Capital, threw the lifeline.

Hertz now wants to speed up the electrification of the fleet. The 100,000 Tesla Model 3s will be rolled out in the United States and some cities in Europe. In addition, the car rental company wants to place ‘thousands of charging stations’ at the rental locations and Hertz customers will have access to 3,000 Tesla fast charging stations.

Chip shortage

“The new Hertz will be a leading mobility company, starting with the largest electric rental fleet in North America,” said Mark Fields, Hertz’s interim CEO. With the current order, one fifth of Hertz’s approximately half a million rental fleet consists of electric cars. Incidentally, Hertz still has a hand, because chip shortages can still hinder the rapid production and delivery of the cars.

Tesla is hitting its American competitors General Motors and Ford with this mega order. Last year, GM, Nissan and Ford were the largest suppliers of Hertz.

Chip shortages

Tesla is already doing well. While carmakers worldwide are groaning about chip shortages, Elon Musk’s company managed to deliver a record number of more than 241,000 cars last quarter and realize a turnover growth of 58% to $12 billion.

Investors have received the order from Tesla with great enthusiasm. The American maker of electric cars opened on the stock market more than 5% higher on Monday, bringing the market value to more than $ 950 billion. GM and Ford have a combined market capitalization of about $147 billion.

Largest order for plug-in cars ever: 100,000 Teslas to Hertz for rental | Financial
Source link Largest order for plug-in cars ever: 100,000 Teslas to Hertz for rental | Financial

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