Hertz Orders 100,000 Tesla Vehicles Putting Tesla Market Cap Above $1 Trillion

Issue 94

Hertz, the rental car company fresh out of Chapter 11 and under new management is charging ahead into the future.  The company has announced that it will order 100,000 electric vehicles from Tesla by the end of 2022, a move aimed at transitioning more electric vehicles in its car-rental fleet.

Hertz has stated that starting in early November and expanding through the end of the year, Hertz customers will be able to rent a Tesla Model 3 at airports and other locations in major U.S. markets and some cities in Europe.

Electric vehicles will comprise more than 20% of the company’s global fleet with the current order. The rental car company said it introduced electric vehicles into its fleet in 2011.

Tesla shares rose about 4% in premarket trading. Hertz also has indicated that it will be relisting on a major stock exchange by the end of the year.

Source: Wall Street Journal