Tesla stock jumps toward another record after Hertz's plan to buy 100,000 Tesla EVs

[Zorro]

Hertz to invest in new EV charging infrastructure as it electrifies its fleet

Shares of Tesla Inc. shot up toward another record Monday, after Hertz Global Holdings Inc. announced plans to order 100,000 Tesla electric vehicles, as part of its goal to offer the largest EV rental fleet in North America.

Hertz said the “initial” order of a total of 100,000 Teslas will be made by the end of 2022. And the car rental company said it will also invest in new EV charging infrastructure across its global operations.

The order was initially reported earlier Friday by Bloomberg.

Tesla’s stock ran up 4.2% in premarket trading. It had rallied 5.1% the past two days to close at back-to-back records. It rose 7.9% last week to mark a ninth-straight weekly gain, the longest such streak since the 12-week winning streak that ended in February 2020.

https://www.marketwatch.com/story/tesla-stock-jumps-toward-another-record-after-hertzs-plan-to-buy-100-000-tesla-evs-11635166425

[Miguelito Loveless]

1. They can easily rent the cars to two groups of people:

1) Folks who want to try an EV to see if the they warrant the hype (they do, trust me).

2) EV owners who have to drive another car due to an accident where their EV is in the shop. This happened to me and they gave me a nice rental (Infinity Q-50), but it felt like I was driving Fred Flintstone's car the whole time.

[GregariousGroundhog]

4. Corporate accounts would also be another option

Business travelers usually are spending 8-9 hours a day at a conference/training/whatever and don't do much driving; usually just between the airport, the hotel, and whatever they are attending. The 200+ mile range would easily be enough for someone spending a couple days or a week offsite. That said, I suspect Hertz has a list of hotels that provide EV charging.

[Miguelito Loveless]

5. Yep,

and the report says that Hertz didn't get much of a discount. That means with Tesla's margins, this will be a tidy sum in the profit margin.

[USALiberal]

2. I'm waiting for the response that Tesla is evil! Nt

[Miguelito Loveless]

6. There is a lot of that,

because Musk is, like most humans, complicated. Easy to caricature as a villain.

[USALiberal]

8. So true! Nt

[Celerity]

3. Good news all around.

[BSdetect]

7. Let the FUD roll. How can they spin this as a negative? They will try.