Hearts orders 100,000 Tesla, which is part of a plan to electrify the fleet


Hertz Global Holdings Ltd

HTZZ 8.34%

Said I ordered 100,000

Tesla Ltd

TSLA 4.56%

A move aimed at including more electric vehicles in car rental companies by the end of 2022.

The company in Estero, Florida, said it would expand from early November to the end of the year, allowing Hearts customers to rent the Tesla Model 3 at major US markets and airports and other locations in some European cities.

According to Hearts, electric vehicles make up more than 20% of the company’s global vehicles in current orders. The car rental company said it introduced an electric car into its vehicle in 2011.

Tesla shares rose about 4% in pre-market trading.Hearts Said I was expecting Relisted on major stock exchanges by the end of the year.

Hearts also said he has installed thousands of electric vehicle chargers on the network. Those who rent the Tesla Model 3 will have access to 3,000 Tesla supercharged stations in the US and Europe, the company said.

Hertz said he expects a combination of Level 2 and DC fast charging in about 65 markets by the end of 2022 and in more than 100 markets by the end of 2023.

Mark Fields, Interim CEO of Hearts, said:Ford Motor Company CEO Fields Played a role Early this month.

No financial terms were provided for the transaction between Hertz and Tesla. However, it has historically been common for such bulk orders to include car rental company discounts.

In mid-October, Tesla CEO Elon Musk transformed the first European Gigafactory near Berlin into a trade fair for visitors to visit the facility. The project faced some delays and local resistance, but Musk said he expected the company to start production in November.Photo: Patrick Pleul / Associated Press

Hertz is investing after getting out of bankruptcy under new ownership. A debt-bearing company filed for bankruptcy in May 2020 as it suffered from a settlement collapse.

The expansion to electric vehicles is part of what the company defines as a “new Hertz,” the company said, focusing on electrification, shared mobility, and digital first experiences. Hertz’s new owners are trying to overhaul a 100-year-old company, improve inventory management, and implement new software to more accurately forecast customer demand.

Hearts warned that efforts to electrify its fleet could be hampered by factors beyond its control, such as a shortage of semiconductor chips and other constraints.

The company said it has partnered with Super Bowl champion Tom Brady to launch a marketing campaign for electric car rentals.

Bloomberg News reported on Hertz’s order earlier on Monday.

Within the past year, Hertz’s business has recovered as travel restrictions have been lifted and more Americans have obtained the Covid-19 vaccine. At the same time, Hearts and other car rental companies are struggling to keep up with the surge in bookings, and the broader automotive business is facing a shortage of new cars, resulting in a shortage of vehicles to offer to its customers. The shortage pushed up the price of rental cars, leaving less options for borrowers.

Write in Dave Sebastian dave.sebastian@wsj.com

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Hearts orders 100,000 Tesla, which is part of a plan to electrify the fleet

Source link Hearts orders 100,000 Tesla, which is part of a plan to electrify the fleet

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