Tesla boss Elon Musk insists that landmark Hertz deal is yet to be completed

  • Elon Musk denies that Tesla has agreed $4bn deal with Hertz
  • Rental company confirmed deal to buy 100,000 Model 3s last week
  • Unclear whether historic purchase will now go ahead

Time 1 month ago

Elon Musk says that a landmark deal between Tesla and Hertz is yet to be agreed – despite the rental company confirming the arrangement last week.

Last Wednesday, Car Dealer reported that Tesla’s stock market value had topped $1 trillion as a result of an historic contract with Hertz.

It was believed that the agreement was worth 0ver $4bn with Tesla set to sell the hire firm 100,000 Model 3s.

Mark Fields, interim Hertz chief executive, described the deal as ‘a wake up call for the industry’ but Musk has now denied that anything has been signed.

Writing on Twitter, the EV tycoon insisted that Tesla will ‘only sell cars to Hertz for the same margin as to consumers’.

He went on to claim that the electric car company’s trillion dollar valuation had nothing to do with the apparent contract.

It had been reported that the order of 100,000 cars was one of the largest single orders of EVs ever.

Musk said: ‘I’d like to emphasize that no contract has been signed yet.

‘Tesla has far more demand than production, therefore we will only sell cars to Hertz for the same margin as to consumers.

‘Hertz deal has zero effect on our economics.’

Announcing the deal last week, Hertz pledged to invest heavily to improve its global charging network as it continues to electrify its fleet.

The firm currently has around 25,000 charging points worldwide.

It is yet to comment on Musk’s latest Twitter statement.

Jack Williams's avatar

Jack joined the Car Dealer team in 2021 as a staff writer. He previously worked as a national newspaper journalist for BNPS Press Agency. He has provided news and motoring stories for a number of national publications including The Sun, The Times and The Daily Mirror.

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