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Rachit Vats

Tesla's More-Expensive Model Y Finds Its Way To Car Rental Firm Hertz's Fleet

Hertz Global Holdings Inc (NASDAQ: HTZ) has started adding Tesla Inc’s (NASDAQ: TSLA) mid-size sports utility vehicle Model Y to its fleet, the car rental firm’s website revealed on Wednesday.

What Happened: The company had so far been adding Tesla's most affordable vehicle, the mid-size electric sedan Model 3, for rent on its booking platform as part of a national rollout.

Hertz did not mention how many Model Y vehicles or variants it added or plans to add to its fleet. Benzinga could not immediately ascertain the booking rates for Hertz's Model 3 and Model Y cars.

The company did not respond to Benzinga’s request for details at press time.

The Tesla Model 3 range is priced between $46,990 to $61,990 in the U.S. before subsidies. The Model Y range is priced between $62,990 to $67,990. 

See Also: Hertz Suggests 'First Wave Of National Rollout' Of Tesla EVs On Track, Prepares To Expand To 'New Markets'

Why It Matters: Hertz had said last year it would buy 100,000 Teslas by the end of 2022. The company had then tapped Tampa Bay Buccaneers star Tom Brady to promote the deal.

That announcement was seen as a bold move from a company that had emerged from bankruptcy just a few months earlier. 

Hertz also announced a partnership with ride-sharing company Uber Technologies Inc (NYSE: UBER) to rent out 50,000 Teslas exclusively to drivers by 2023.

Tesla CEO Elon Musk later tweeted to say that his company had not yet signed a contract with Hertz, adding that the EV maker would sell its cars at list price to the car rental company.

Hertz had told Benzinga in December that it is planning a wider national rollout for Tesla vehicles in more markets this year.

Price Action: Hertz stock closed 2.3% higher at $22.5 a share on Wednesday.

Photo courtesy: Tesla

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