CEO Fields explains why Hertz picked Tesla to electrify its fleet

on Oct 27, 2021
  • Hertz placed an order for 100,000 EVs that it wants Tesla Inc to deliver by the end of 2022.
  • CEO Fields says Tesla was an easy pick as it's the only manufacturer that's producing EVs at scale.
  • Shares of Both Tesla Inc and Hertz Global Holdings Inc are up more than 10% since last Friday.

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Tesla Inc (NASDAQ: TSLA) joined the trillion-dollar club earlier this week after Hertz Global Holdings Inc placed an order for 100,000 electric vehicles that it wants Tesla to deliver by the end of 2022.

Hertz wants to electrify 20% of its global fleet

On CNBC’s “Squawk Box”, Hertz CEO Mark Fields reiterated that the car rental company wants to electrify at least 20% of its global fleet. It partnered with Tesla Inc because it’s the only manufacturer that’s currently producing EVs at scale.

What Tesla has done is push the industry towards electrification and sustainable transportation. And we also want to do our part in sustainable transportation and help the industry and consumers adopt electrified vehicles. Right now, Tesla is the only manufacturer that’s producing EVs at scale.

On top of adding electric vehicles to its fleet, Hertz has also committed to building charging infrastructure at its locations to make it hustle free for customers to rent EVs.

Other automakers are also investing heavily in EVs

Fields appreciated the fact that major car manufacturers from around the world are investing heavily in EVs and confirmed that Hertz will eventually work with all of them to help accelerate the switch to electric vehicles.

General Motors is coming out with many products over the next couple of years. Ford has made a big commitment to electric vehicles. Volkswagen has been very clear in their pivot to electrified vehicles. So, clearly, the major automakers are making a big push in this regard.

Shares of both Tesla and Hertz are up more than 10% since last Friday.


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