In an effort to pivot more towards electric vehicles, rental car company Hertz has revealed they plan to purchase 100,000 Teslas.
— Hertz (@Hertz) October 25, 2021
According to USA Today, the Hertz Tesla deal is worth approximately $4.2 billion and will see Hertz install thousands of electric charging stations at its locations.
It’s a bold move for Hertz after being forced to file for Chapter 11 bankruptcy protection during the early days of the coronavirus pandemic, which also saw rental car companies selling off large portions of their fleets as travel came to a grinding halt.
But with travel once again rebounding, the demand for rental cars has exploded.
“It’s just the start for Hertz,” Hertz interim CEO Mark Fields told USA Today. “We’re very much now looking to the future.”
According to USA Today, Hertz said the Tesla Model 3 compact cars will be available for rent in major markets and select European cities beginning early November. By the end of 2022, it is expected Tesla will make up one in five Hertz rental vehicles worldwide.