The Teslas ordered by Hertz Rental were only half delivered.
A 100,000-vehicle order from Tesla, due by 2022, sent Hertz's stock price skyrocketing in October 2021; however, less than half of that order has been fulfilled. Hertz has a strong desire for a Tesla Model 3 fleet.
According to a Bloomberg report on Hertz's annual regulatory filing, the company's fleet peaked in 2022 at 428,700 vehicles, with Tesla models accounting for 11% of that number. This indicates that Hertz has less than 50,000 Teslas available.
This is not good news considering that the initial announcement raised Tesla's value for the first time above one trillion dollars and rekindled interest in the rental car company just weeks after its public offering following bankruptcy.
Hertz is to blame for some of the shortfall because Elon Musk publicly stated that Tesla had more demand than production capacity and that no contract had been signed after the order was announced. Under risk factor, Hertz states that the "ability to secure adequate vehicle supply within the time frame we, and our customers, expect" is the foundation of its EV strategy.
However, it's likely that additional factors played a role. Hertz's budget may have been out of whack as a result of Tesla's multiple price increases over the course of 2022. Additionally, Elon Musk, whose personal brand is associated with the Tesla brand, spent the majority of the year making a fool of himself on Twitter while rendering Tesla powerless.
Charging Station for the Tesla Model 3 from 2017 to 2023 Tesla General Motors currently accounts for just under 25% of the Hertz fleet. Hertz also put money into electric vehicles from Ford, Toyota, Nissan, and Tesla.
At this point, it's unlikely that any other automaker will be able to provide Hertz with an additional 50,000 electric vehicles, much less do so without draining its dealerships.In 2022, General Motors delivered 23,320 all-electric vehicles to Hertz, significantly fewer than Tesla did. Hertz has placed orders for automobiles from Polestar, primarily the Polestar 2, along with General Motors and Tesla.
blogpay
Total Comments: 0