Hertz reportedly ordered 100,000 Tesla in the largest EV purchase ever

Tesla just today had doubly good news in the area of ​​sales. Hertz has ordered 100,000 Tesla EVs for its fleet, with plans to lease them to major U.S. markets and parts of Europe starting in November, according to Bloomberg. That would mark the largest order of electric vehicles of all time and Hertz’s big move in renting electric cars.

The order is reportedly worth $ 4.2 billion for the fleet (which appears to be Model 3) according to the report. That represents about 1/10 of what Tesla can currently produce annually, which might allow Hertz to block other rental companies. He reportedly bought well-equipped, not basic versions of the model, and paid almost the full price for each unit.

Hertz customers will have access to Tesla’s supercharger network, and Hertz is reportedly building its own charging infrastructure. Eventually, Hertz (which also owns the Dollar, Thrifty and Firefly brands) plans to become almost fully electric with its half-million fleet.

It’s a pretty sharp turnaround for Hertz, given that it went bankrupt in 2020 and only appeared in June this year. It was bought out of bankruptcy by Knighthead Capital Management (among others) for $ 6 billion. However, after a major market turnaround, it is currently estimated at $ 11.6 billion before re-entering the Nasdaq, Bloomberg logged in.

However, that is only half of the good news for Tesla. The company’s Model 3 was the best-selling car in Europe in September with around 24,600 registered units, the first time EV has topped the monthly charts, according to an automotive analyst. JET. This is also the first time that a vehicle manufactured outside the EU has gone on sale. Tesla’s sales increased by 58 percent compared to last year, and EV / PHEV sales in general increased by 23 percent compared to 2020.

Last month, registrations accounted for 74 percent [Tesla’s] third quarter volume. Since its entry into the European market, the Model Y has also had good results, securing second place in the BEV rankings.

The news is great for Tesla and the EV industry in general, showing that sales of electric vehicles in Europe continue to grow. Much of this has been driven by generous tax breaks and incentives to replace vehicles with internal combustion engines (ICEs). September was a particularly good month for Tesla, accounting for 74 percent of volume in the third quarter JET

Yet the automotive sector as a whole has fallen in Europe and elsewhere due to global chip shortages. Renault recently said it would produce at least 300,000 fewer vehicles this year due to the global shortage of semiconductors, Reuters. “This year, the industry has responded well to the pandemic, but is now facing new challenges in the supply chain,” he said. JET analyst Felipe Munoz. “The growing popularity of electric vehicles is encouraging, but sales are not yet strong enough to make up for the big drop in other segments.”

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Naveen Kumar

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