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October 25, 2021 The investment by 2022: a mega purchase four months after the emergence from bankruptcy, after the crisis that hit all car rental companies due to the pandemic. One hundred thousand electric cars ordered from Elon Musk's Tesla, and a radical change to "reflect the new trends". In fact, according to Mark Fields, CEO of Hertz, the electric is "mainstream", it has a global appeal to customers.
Electric fleet towards 20%
Elettrica will become 20% of the rental car fleet. Meanwhile, from early November, customers will already be able to rent a Tesla Model 3 at airports, in various US cities and in some European cities. The company is starting to install thousands of electric vehicle battery chargers in its current network. Three thousand charging stations in Europe and the USA are already present. "Electric vehicles are now mainstream and we have begun to see an increase in global demand and interest" - said Mark Fields, CEO of Hertz. Testimonial of the company's new "green" mobility model will be a Yankee legend: American football champion Tom Brady, winner of seven Super Bowls. As reported by Reuters and Bloomberg,from the agreement the American billionaire Musk will get a figure of around 4.2 billion dollars.
The car rental crisis
Hertz is coming out of a particularly difficult period, after filing for "Chapter 11" - filing for bankruptcy in the United States and Canada - in May 2020 following the difficulties caused by the collapse of the car rental market due to the pandemic. The group later announced that a group of investors including Knighthead Capital Management, Certares Opportunities and Apollo Capital Management would fund its exit from bankruptcy. Now the agreement with Tesla could represent a new course and give a further acceleration to the electric car market and not only in the United States. On April 21, Hertz cut 10,000 jobs in North America - 26.3% of workers worldwide - to preserve liquidity in the face of uncertainties following the pandemic:Chapter 11 is a device that allows a company that can no longer repay its debt to reorganize itself away from creditors.