Car rental company Hertz has ordered 100,000 vehicles from Tesla as part of an ambitious plan to electrify its fleet.
The company said in Press release The first segment of Tesla’s Model 3 sedan will be available for rental from Hertz in major US and European markets starting in early November.
The announcement comes just months after Hertz fled the country bankruptcy.
After the purchase was announced, the electric car maker’s share price reached $998.74, increasing its market value to more than $1 trillion before the price fell again.
By the time the market closed, its price had risen again, reaching $1,024 per share, bringing the company’s market capitalization to $1.01 trillion.
The electric car maker is entering the big club with other companies that have a market value of more than a trillion dollars, such as Apple, Microsoft and Amazon.
The deal represents the largest single order for electric vehicles, with revenues of $4.2 billion for Tesla.
The news also indicates that the Model 3 became the first electric car to top the monthly sales charts in Europe in September of this year.
Earlier this month, the company reported record sales in the third quarter, despite a chip shortage affecting the auto market.
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Anyone who rents a Tesla from Hertz has access to the automaker’s network of 3,000 superchargers across the US and Europe.
Hertz says it plans to supply these chargers with thousands of its own chargers across its network of locations.
Hertz went bankrupt in May last year after the car rental market was hit hard by the pandemic.
But the 100-year-old company was refinanced, to the tune of $5.9 billion. Now Hertz plans to electrify nearly all of its 500,000 cars.
In a press release, the interim CEO of Hertz said: ‘Electric vehicles are now mainstream. We are just beginning to see the growing global demand and interest.
“Hertz is leading the way as a mobility company with the largest fleet of electric vehicle rentals in North America,” he added. We are committed to growing our electric vehicle fleet while providing the best rental and recharge experience to customers around the world.