Tesla (TSLA) has received the largest single order to date. Rental car service giant Hertz (HTZZ) has placed an order of 100,000 Tesla Model 3 cars. This news has pumped the TSLA stock price to a new all-time high, and the rally is still on.
Tesla’s share price closed at $909.68 on Friday (Oct 22) which was a previous record high. This morning as of this writing, TSLA’s price has reached $995.00 with a 9.38% rise compared to the previous trading day at NASDAQ.
Hertz confirmed the purchase of 100k Model 3 cars in an official press release earlier today.
Interestingly, they have teamed up with seven-time Super Bowl champion and entrepreneur Tom Brady for the promotional campaign of their transition to environmentally friendly Tesla EVs. The car rental company has named this campaign “Hertz, Let’s Go!”.
Beginning in early November and expanding through year-end, customers will be able to rent a Tesla Model 3 at Hertz airport and neighborhood locations in U.S. major markets and select cities in Europe. To learn more, visit hertz.com/ev.
Source: Hertz press release
Tom Brady is seen in a series of videos that Hertz released this morning, promoting the company’s new Tesla electric vehicle adoption and its benefits.
Hertz is highly likely to purchase the Tesla Model 3 Standard Range Plus base variant, which costs $43,990 with the recent price increase. 100k units at ~$44k hint toward a $4.4 billion deal between Hertz and Tesla, Inc.
According to Hertz, Tesla is going to be delivering these 100,000 Tesla Model 3 cars by the end of 2022. This initial fleet of Hertz Model 3 rental cars and taxis will mainly serve the company’s large customer base in North America. Hertz is planning to expand its Tesla EV fleet to Europe and other countries in the next phase.
As consumer interest in electric vehicles (EV) skyrockets, Hertz today is announcing a significant investment to offer the largest EV rental fleet in North America and one of the largest in the world. This includes an initial order of 100,000 Teslas by the end of 2022 and a new EV charging infrastructure across the company’s global operations.
Source: Hertz press release
Hertz is also offering free charging to its customers till Feb 1, 2022, if they choose to charge their Model 3 cars at any Tesla Supercharger or destination charging station. As we can see the custom-designed Tesla chargers in these videos, Hertz is making a commitment to expand its own charging network as well.
Hertz also is installing thousands of chargers throughout its location network. Customers who rent a Tesla Model 3 will have access to 3,000 Tesla supercharging stations throughout the U.S. and Europe.
Hertz will offer a premium and differentiated rental experience for the Tesla EVs. This includes digitized guidance to educate customers about the electric vehicle to get them on their way quickly, and coming soon, an expedited EV rental booking process through the Hertz mobile app.
With the current order, EVs will comprise more than 20 percent of Hertz global fleet and is expected to be supported by a combination of Level 2 and DC fast charging in approximately 65 markets by the end of 2022 and more than 100 markets by the end of 2023. Hertz said these ambitions could be affected by factors outside of Hertz’s control, such as semiconductor chip shortages or other constraints.
Source: Hertz press release
Earlier this year, Tesla Model 3 also became part of the NYC yellow cab fleet but the numbers are nowhere near the Hertz’ order of 100,000 cars. This is a historic and huge development for Tesla.
These new milestones achieved by Tesla have surely given a boost to investor confidence and further established the brand as the global leader in electric vehicle manufacturing.
This huge order is probably one of the main reasons why Tesla has pushed the estimated delivery date of the Model 3 Standard Range Plus to June 2022 for its US customers. These 100,000 cars will most probably be produced at the Tesla Fremont factory and individual orders will have to suffer for a few months.
Related: Tesla has started delivering Hertz’s Model 3 rental car fleet
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