Hertz commits to environment-friendly car rental

Car rental company Hertz has placed an order for 100,000 Teslas to green its vehicle fleet. The purchase of the EVs generates $4.2 billion in revenue for the car giant. The cars are to be delivered in the course of the next 14 months. This is Hertz’ first major initiative after escaping bankruptcy in June of this year.

With this order Hertz’ new owners, Knighthead Capital Management and Certares Management, aim to revolutionise the car rental industry. At present none of its industry rivals consider electrification of their vehicle stock a priority. 

The 100,000 EVs will come on top of Hertz’ existing fleet of 500,000 cars and trucks. As of November the first Teslas will be available for customers in the US and Europe.

The car rental company found itself in dire straits financially due to the ongoing COVID-19 crisis. In May of last year Hertz was teetering on the brink of bankruptcy: with falling stocks and missed lease payments things were looking quite grim. Eventually, however, new investors were found and the car rental giant was able to exit bankruptcy.