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3 Nov 2021

Elon Musk: Hertz Contract not Signed Yet

The Index Today

Elon Musk said contract with Hertz to buy 100,000 electric vehicles has not been signed yet. The deal’s announcement made waves throughout Wall Street as it drastically boosted Tesla’s value pushing it into the trillionaire club.

Elon Musk tweeted on late Monday, “I’d like to emphasize that no contract has been signed yet.”

However, a spokesperson from Hertz said the website is now providing customers to rent a Tesla Model 3. She further said, “As we announced last week, Hertz has made an initial order of 100,000 Tesla Vehicles and is investing in new EV charging infrastructure across the company’s global operations.”

However, confusion continued after Elon Musk‘s tweet came out regarding the unsigned contract. Tesla shares fell 3% whereas Hertz shares climbed up by 2.7%. Details about the contract were not provided by either parties. However, based on current list price of the Tesla Model 3, the deal would likely cross $4 billion.

Elon Musk’s tweet managed to raise share prices and stocks of the billionaire company. Further tweets pointed towards the fact that Hertz was not being provided any bulk discount. Elon Musk said, “Tesla has for 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.” Hertz market shares have increased more than 40% since the announcement of the deal was made.

©Photo: EuroNews

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