ELECTRIFYING

Hertz Scoops Up 100,000 Teslas Months After Bankruptcy

The rental car company plunked down an estimated $4.2 billion on the fleet.

Hertz Global Holdings Inc. has purchased 100,000 Teslas to be delivered in the next 14 months as it ramps up business months after filing for bankruptcy, reports Bloomberg. Tesla’s Model 3 sedans will be available, along with Tesla’s superchargers and Hertz’s own charging infrastructure, at Hertz locations across the U.S. and parts of Europe beginning in early November. According to sources familiar with the matter, the purchase brings about $4.2 billion in revenue for Tesla. Interim Chief Executive Officer of Hertz Mark Fields has touted Tesla’s ability to manufacture electric vehicles at such a large scale, calling its purchase a part of Hertz’s strategy to “democratize access to electric vehicles.” In June, Hertz filed for bankruptcy and was purchased by Knighthead Capital Management and Certares Management.