Autos & Vehicles

Tesla’s Musk Says There’s No Signed Deal With Hertz

Tesla Inc. shares fell after billionaire Elon Musk cast doubt on Hertz Global Holdings Inc.’s plan to buy 100,000 electric vehicles for its rental-car fleet and downplayed the deal’s potential. Ed Ludlow explains. ——– Like this video? Subscribe to Bloomberg Technology on YouTube: Watch the latest full episodes of “Bloomberg Technology” with Emily Chang here: Get the latest in…

Published

4 years ago

November 5, 2021

CYBER TECH TV

Tesla Inc. shares fell after billionaire Elon Musk cast doubt on Hertz Global Holdings Inc.’s plan to buy 100,000 electric vehicles for its rental-car fleet and downplayed the deal’s potential. Ed Ludlow explains.
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All through the morning it’s a little bit softer around the open
imbalance. Well we’re down there by four per cent. Hertz is down

by about three point three two.
The confusion is around this tweet from Elon Musk. Elon Musk

saying earlier yesterday yesterday evening if any of this is
based on her I’d like to emphasize that no contract has been

signed yet. Tesla has far more demand than production. Therefore
we will only sell cars to Hertz for the same margin as the

consumers. Hertz have gone on to say in a statement to us as we
announced last week Hertz has made an initial order of 100000

Tesla electric vehicles and is investing in new charging
infrastructure across the company’s global operations.

With this story at Ludlow on the West Coast at Ludlow this one
confusing everybody.

All it takes is a tweet. John you know we’re at twelve hundred
dollars share of tests closer play Monday. And Elon Musk is

making the point that Tesla is a supply constrained business.
This is not new. He’s mentioned it time and again. Their problem

isn’t demand. It’s their ability to build enough vehicles and
then deliver them in a timely fashion. That’s why 2021 in 2022

is such a key period because we have the new factory in Berlin
coming online to service local demand in Europe and the new

factory in Austin coming online. So this isn’t hugely
surprising. You can see the market reacting there. Tesla down by

almost 5 per cent Covid me into my Bloomberg terminal. Look at
this chart because this deal with Hertz whatever it is fleet

deal retail deal it added a lot of market cap to this company
right. Almost 300 billion dollars. You can see on the right hand

side of the screen the drop off reflecting two Tuesdays trading
because this was a point of differentiation. It was something

Tesla didn’t have today. They hadn’t direct to consumer business
not to be business. But apparently this is something that you

know is refuting. Don’t make too much of a big deal of the stock
move ad because as you know down two point seven percent

compared to where we were in October. It’s nothing.

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13 Comments

Kale

November 5, 2021 at 8:31 pm

Doesn’t have to be. They’re buying them full retail.

Reply
The Electric Man

November 6, 2021 at 12:22 am

some needs to sign the deal

Reply
- Mark Plott
  
  November 6, 2021 at 2:58 am
  
  bust the DEAL, spin the Wheel.
  
  Reply
Frank Hoffman

November 6, 2021 at 12:32 am

Well I don’t get the market jump over this possible Hertz deal. If you are Hertz, you’re trying to extract concessions from Tesla in negotiations. Price, upgrades, delivery priority.,,,,,, all that stuff. A company like GM would benefit from such an order, but when you can’t meet your existing demand, I don’t see how it’s a big benefit. Investors are applying too much outdated analysis here.

Reply
- Mark Plott
  
  November 6, 2021 at 3:04 am
  
  gm cant even HOPE to supply a car Rental with even 5,000 cars , NO ONE on Earth is going to Trust gm again.
  besides the BOLT is a Compact Hatchback , not Really MARKETABLE.
  Tesla model 3 is a PREMIUM Sedan , and has more TECH.
  the Seats in the BOLT are Terrible , the Model 3 seats are Perfection.
  
  Reply
Mark Plott

November 6, 2021 at 2:58 am

Bloomberg does not understand , TESLA is not a car Company, its a TECH & Software company that , also makes cars.

Reply
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