Tesla Inc (TSLA)

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Hertz uggests 'First Wave Of National Rollout' Of Tesla EVs On Track, Prepares To Expand To 'New Markets'


Hertz Global Holdings (NASDAQ: HTZWW) told Benzinga on Tuesday it is planning a wider national rollout of Tesla Inc (NASDAQ: TSLA) electric vehicles in more markets next year as part of its fleet, as it receives the initial deliveries as part of a large order the car rental company had placed earlier this year.

What Happened: Hertz has been offering Tesla's most affordable vehicle, the mid-size electric sedan Model 3 for rent on its booking platform but most of the options appear sold out.

“The initial deliveries of the Tesla Model 3 have already started to arrive as part of the first wave of our national rollout that will continue to expand to new markets next year,” a Hertz spokesperson said, without offering any further breakup on the initial volumes it has secured so far.

The car rental company’s website says it is adding more electric vehicles on a daily basis and directs those who are unable to find a booking to the traditional, gas-powered options instead.

Hertz is currently offering a free charging option for customers who book a Model 3 before Feb. 1.

Why It Matters: Hertz in October revealed that it plans to grow its fleet of battery-electric vehicles with “an initial order of 100,000 Teslas by the end of 2022.” The large electric vehicle order was seen as a bold move from a company that had only months ago emerged out of bankruptcy.

The deal announcement had sent shares of both companies higher, leading to Tesla stock joining the $1 trillion market capitalization club for the first time.

Hertz followed up with an announcement of a partnership with ride-sharing company Uber Technologies (NYSE: UBER) to rent out 50,000 Teslas exclusively to drivers by 2023.

As shares climbed higher, Tesla CEO Elon Musk later tweeted to say that Tesla had not yet signed a contract with Hertz, adding that it would sell the electric cars at list price to the car rental company.

Uber had previously in a blog post said Model 3 units would be available for booking in Los Angeles, San Francisco, San Diego and Washington, DC, from Nov. 1 onwards, with plans for a nationwide expansion in the following weeks.

Price Action: Hertz shares closed 3.32% lower at $16.3 a share on Tuesday. The stock is up 36% so far this year.

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