Hertz adds Tesla Model Y electric SUV in global rental vehicles fleet

Hertz adds Tesla’s electric mid-size SUV Model Y to its electric vehicle fleet which led to a meteoric rally in Tesla’s stock, helping it surpass $1 trillion in market value.

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Tesla’s Model Y was added to Hertz’s fleet this week, according to the car rental firm’s website. Hertz Global Holdings Inc. has added Tesla Inc’s electric mid-size SUV Model Y to its electric vehicle fleet. 

The development comes months after Hertz announced its order to purchase 100,000 electric cars from Tesla, primarily the EV maker’s Model 3 vehicles.

News of the massive deal had triggered a meteoric rally in Tesla’s stock, helping it surpass $1 trillion in market value. However, Tesla CEO Elon Musk later said the company had not signed a contract with Hertz.

Last month, Florida-based Hertz named former Goldman Sachs finance chief Stephen Scherr as its top boss, replacing interim CEO Mark Fields.

Tesla handed over the first batch of Model Y cars made at its 5 billion euro ($5.5 billion) Gruenheide plant to clients on March 23. The EV carmaker launched its first European production hub with the biggest investment in a German car factory in recent history.

(With inputs from Reuters)