Associated Press: “Hertz announced Monday that it will buy 100,000 electric vehicles from Tesla, one of the largest purchases of battery-powered cars in history and the latest evidence of the nation’s increasing commitment to EV technology. The purchase by one of the world’s leading rental car companies reflects its confidence that electric vehicles are gaining acceptance with environmentally minded consumers as an alternative to vehicles powered by petroleum-burning internal combustion engines.
“In an interview with The Associated Press, Mark Fields, Hertz’ interim CEO, said that Teslas are already arriving at the company’s sites and should be available for rental starting in November. Hertz said in its announcement that it will complete its purchases of the Tesla Model 3 small cars by the end of 2022. It also said it will establish its own electric vehicle charging network as it strives to produce the largest rental fleet of electric vehicles in North America.
“Fields wouldn’t say how much Hertz is spending for the order. But he said the company has sufficient capital and a healthy balance sheet after having emerged from bankruptcy protection in June. The deal likely is worth around $4 billion because each Model 3 has a base price of about $40,000. It also ranks at the top of the list of electric vehicle orders by a single company. In 2019, Amazon ordered 100,000 electric delivery vans from Rivian, a startup manufacturer of electric van, pickup trucks and SUVs. Amazon is an investor in Rivian. The Hertz order helped send the price of Tesla shares jumping more than 8% in early trading Monday, to an intraday record of $997.57, before pulling back slightly by Monday afternoon.”