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Tesla Value Tops $1 Trillion After Hertz Orders 100,000 Cars (NYTimes)
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VegasJerry
Oct 25, 2021, 8:04:34 PM10/25/21
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Tesla Value Tops $1 Trillion After Hertz Orders 100,000 Cars (NYTimes)
The order, to be fulfilled between now and the end of
next year, is a sign of the growing momentum in the
shift toward electric cars.
Hertz said on Monday that it would convert more than 20 percent of its rental fleet to Tesla’s electric cars by the end of next year, an announcement that helped propel Tesla’s stock value beyond $1 trillion for the first time.
The order for 100,000 Teslas was a bold move for Hertz, which is just emerging from bankruptcy, and a sign of growing momentum in the shift to electric vehicles.
And it was the latest fuel for Tesla’s skyrocketing share price, which gained nearly 13 percent to finish the day at $1,024.86, its first close above $1,000.
“Wild $T1mes!” Elon Musk, Tesla’s chief executive, exclaimed on Twitter.
In announcing its order from Tesla on Monday morning, Hertz declined to comment on the value of the deal. Bloomberg said the order would generate about $4.2 billion of revenue for Tesla, suggesting that Hertz was paying close to face value for the vehicles. Car rental companies usually demand deep discounts for large vehicle orders.
Hertz customers will be able to rent a Tesla Model 3 compact sedan in some major markets in the United States and Europe starting in early November. The company said that it planned to install thousands of chargers at its locations and that it was teaming up with football quarterback Tom Brady to promote its E.V. offerings in a marketing campaign.
“Electric vehicles are now mainstream, and we’ve only just begun to see rising global demand and interest,” Mark Fields, Hertz’s interim chief executive, who previously led Ford Motor, said in a news release.
The deal could benefit both companies, said Michelle Krebs, an analyst with Cox Automotive.
“This is unique, and it’s really allowing Hertz to differentiate itself from other rental car companies,” she said. “For Tesla, it’s a great deal because it exposes Tesla’s E.V.s to a much wider array of consumers.”
For Tesla, the trillion-dollar valuation is the latest sign of how much it has disrupted the auto industry, even as it struggled to make money for nearly two decades. Its market capitalization is greater than those of General Motors, Toyota, Ford, Volkswagen, BMW, Honda and several other automakers combined.
Just four years ago, Tesla was mired in production difficulties at its plant in Fremont, Calif., that Mr. Musk described as “manufacturing hell.” And as recently as March of last year, as the coronavirus pandemic hit the United States, its share price was barely above $70.
More: https://tinyurl.com/2h62rk87
The order, to be fulfilled between now and the end of
next year, is a sign of the growing momentum in the
shift toward electric cars.
Hertz said on Monday that it would convert more than 20 percent of its rental fleet to Tesla’s electric cars by the end of next year, an announcement that helped propel Tesla’s stock value beyond $1 trillion for the first time.
The order for 100,000 Teslas was a bold move for Hertz, which is just emerging from bankruptcy, and a sign of growing momentum in the shift to electric vehicles.
And it was the latest fuel for Tesla’s skyrocketing share price, which gained nearly 13 percent to finish the day at $1,024.86, its first close above $1,000.
“Wild $T1mes!” Elon Musk, Tesla’s chief executive, exclaimed on Twitter.
In announcing its order from Tesla on Monday morning, Hertz declined to comment on the value of the deal. Bloomberg said the order would generate about $4.2 billion of revenue for Tesla, suggesting that Hertz was paying close to face value for the vehicles. Car rental companies usually demand deep discounts for large vehicle orders.
Hertz customers will be able to rent a Tesla Model 3 compact sedan in some major markets in the United States and Europe starting in early November. The company said that it planned to install thousands of chargers at its locations and that it was teaming up with football quarterback Tom Brady to promote its E.V. offerings in a marketing campaign.
“Electric vehicles are now mainstream, and we’ve only just begun to see rising global demand and interest,” Mark Fields, Hertz’s interim chief executive, who previously led Ford Motor, said in a news release.
The deal could benefit both companies, said Michelle Krebs, an analyst with Cox Automotive.
“This is unique, and it’s really allowing Hertz to differentiate itself from other rental car companies,” she said. “For Tesla, it’s a great deal because it exposes Tesla’s E.V.s to a much wider array of consumers.”
For Tesla, the trillion-dollar valuation is the latest sign of how much it has disrupted the auto industry, even as it struggled to make money for nearly two decades. Its market capitalization is greater than those of General Motors, Toyota, Ford, Volkswagen, BMW, Honda and several other automakers combined.
Just four years ago, Tesla was mired in production difficulties at its plant in Fremont, Calif., that Mr. Musk described as “manufacturing hell.” And as recently as March of last year, as the coronavirus pandemic hit the United States, its share price was barely above $70.
More: https://tinyurl.com/2h62rk87
anon1
Oct 25, 2021, 8:23:46 PM10/25/21
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starting at $59,990K...
https://www.cadillac.com/electric/lyriq
I'm seriously thinking about shorting Tesla.
VegasJerry
Oct 26, 2021, 2:22:53 PM10/26/21
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da pickle
Oct 27, 2021, 9:09:59 AM10/27/21
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much more to win!
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