Car Rental Company Hertz Orders 100,000 Tesla Model 3 Worth $4.2 Billion

Car Rental Company Hertz orders 100,000 Tesla Model 3 sedans worth $4.2 billion in a single largest EV purchase ever.

The record order by the company represents about ten percent (1/10th) of what US EV giant Tesla can produce annually.

Hertz customers will have access to Tesla’s supercharger network, but Hertz will also build its own charging infrastructures.

Model 3 was the best-selling car in Europe in September, marking the first time an EV has topped the monthly standings.

Car Rental Company Hertz has announced the purchase of 100,000 Tesla Model 3 sedans in a deal estimated at $4.2 billion, with plans to rent first Model 3s out in major US markets and parts of Europe starting in November.

The order, which would mark the largest single electric vehicle order, represents about ten percent (1/10th) of what US EV giant Tesla can produce annually.

The move will allow Hertz become one of the largest players in EV rentals. It comes a year after filing for bankruptcy and just four months after exiting bankruptcy under new ownership.

Hertz was purchased out of bankruptcy by distressed-debt firm Knighthead Capital Management for $6 billion. Bloomberg reports says it is currently valued at $11.6 billion, ahead of relisting on Nasdaq.

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In a statement, Mark Fields, the newly appointed Hertz CEO, said :

“Electric vehicles are now mainstream, and we’ve only just begun to see rising global demand and interest. The new Hertz is going to lead the way as a mobility company, starting with the largest EV rental fleet in North America and a commitment to grow our EV fleet and provide the best rental and recharging experience for leisure and business customers around the world”.

Hertz customers will have access to Tesla’s supercharger network, but Hertz will also support it by building its own charging infrastructures. Hertz, which also owns the Dollar, Thrifty and Firefly brands, plans to go nearly fully electric with its half-million vehicle fleet.

With around 24,600 registered units, the ordered Tesla Model 3 sedan was the best-selling car in Europe in September, marking the first time that an EV has topped the monthly standings.

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