Hertz Orders 100,000 Units from Tesla (TSLA) - Report; The Largest Single EV Purchase Ever

October 25, 2021 7:51 AM EDT

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.

Hertz rental car company has placed an order for 100,000 Teslas (NASDAQ: TSLA), Bloomberg News reported citing “people with knowledge of the matter.

It’s the single-largest purchase ever for electric vehicles and represents about $4.2 billion of revenue for Tesla.

The news of the purchase follows recent reports that Hertz has signaled its plans for an IPO in August. The rental car company filed for bankruptcy early in the pandemic. Yet, rising rates have the company reporting near pre-pandemic revenue.

After gaining popularity as a “meme stock” the company proposed selling additional shares to raise cash. Those plans were set aside when the Securities and Exchange Commission objected, citing the likelihood that shareholders would be left with valueless stock at the conclusion of the bankruptcy process.

Hertz has filed paperwork with the Securities and Exchange Commission for an initial public offering.

By Michael Elkins | Michael.Elkins@streetinsider.com

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Hot Corp. News, Rumors, Trader Talk

Related Entities

Tesla, IPO, Michael Elkins