Toronto, Ontario — Hertz is betting big on Tesla as the rental chain announced that they have placed an order for 100,000 Tesla vehicles for delivery by the end of 2022.
With their sights set on building the largest EV rental fleet in North America, Hertz is looking to pivot hard out of their current financial position as last year the company filed for bankruptcy protection following a steep drop in travel demand as pandemic restrictions set in.
The ability to make this deal with Tesla stems largely from key investments into Hertz by Knighthead Capital Management, Certares Opportunities and Apollo Capital Management.
This is the first major deal made by Hertz interim CEO, and former Ford CEO, Mark Fields, after he took up the position on Oct. 5.
