Having survived a brush with death, Hertz is aiming for an electric rebirth.
The rental car company, which filed for Chapter 11 bankruptcy protection early in the COVID-19 pandemic, announced Monday that it plans to buy 100,000 cars from Tesla by the end of 2022 in a pivot toward electric vehicles.
It is among the largest electric vehicle orders ever placed, matching the 100,000 electric vans that Amazon has ordered from startup Rivian. The deal is worth about $4.2 billion, estimated Wedbush Securities analyst Dan Ives.
Hertz also plans to install thousands of electric vehicle charging stations at its locations.
►Which is more expensive?: Charging an electric vehicle or fueling a car with gas?
►’It’s just draining’: Homebuyers frustrated by a cutthroat housing market are putting their searches on hold
The moves represent the largest investment by a rental car agency in technology widely considered the future of the