Car rental company Hertz has ordered a record 100,000 Tesla Model 3 vehicles according to reports from Bloomberg. This is a move by one of the longest surviving car rental companies to electricity their car fleet.
Hertz announced that these cars will be available for rent in major US and European markets as early as November. Bloomberg report about the Model 3 purchase shows that it’s the biggest order ever for electric cars by any vendor.
The purchased cars would fetch Tesla about $4.2 billion in revenue according to the reports even fueling its next quarter sales and revenue figures. This has boosted the Tesla company stock price by 4.3% during pre-market trading on October 25 2021.
Tesla has sold 241,300 cars during the third quarter of its 2021 financial year, while other car manufacturers made lower sales. This is despite its global chip storage that has affected other car manufacturers sales figures.
The global pandemic and the ongoing chip storage has led car production companies to temporarily or permanently close down their factories. Tesla’s latest report released on October 2 2021, shows that it produced approximately 238,000 vehicles and delivered over 240,000 vehicles. The numbers show that its newer model 3 and Y sold more than its Model S and Y cars.
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That means it sold more than 102,000 in the same quarter for 2020, the electric car company sold 367,500 in the third quarter of 2020. Further reports show that General Motors, the biggest Car manufacturer in the US posted a 33% year on year decline in third-quarter sales.
GM sold just 446,997 vehicles from this year’s third quarter in comparison to 665,192 it sold same time last year. The decline is due to low inventory as a result of the global chip storage. Even Honda Motor Co had an 11% sales decline while maintaining a healthy inventory.
Tesla has been able to mitigate the current global chip storage by; rewriting its car software and sourcing its chips differently. While other car manufacturers are shutting down their factories, it has been building new factories in Berlin, Austin and China.
Herz customers will have access to the vast range of Tesla Superchargers nationwide and in Europe, In addition to that, the company is making plans to build its own large charging infrastructure.
Barely four months out of bankruptcy and now under new ownership, Hertz is positioning itself for the future with its recent purchase. Interim CEO Mark Fields, said in an interview that “Tesla is the only manufacturer that can produce EVs at scale.”
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