Hertz to buy 100,000 Tesla cars in push to offer electric vehicles
CBSN
Car rental company Hertz has ordered 100,000 electric vehicles from Tesla in a move that some analysts say further validates a growing electric vehicle movement in the U.S.
Hertz said Monday that it's buying the Tesla Model 3 cars by the end of 2022, and it also will create its own electric vehicle-charging network. Hertz didn't disclose how much it paid for the order, but analysts at Wedbush Securities estimated the deal at $4.2 billion. The base price for a Model 3 is about $40,000.
"While Hertz is in the early stages of electrifying its rental car fleet, Tesla getting an order of this magnitude highlights the broader electric vehicle adoption underway in our opinion as part of this oncoming green tidal wave now hitting the U.S.," analysts Daniel Ives and John Katsingris said in an equity note.
