HomeFinanceTesla slams into reverse as Musk denies firm has signed Hertz deal

Tesla slams into reverse as Musk denies firm has signed Hertz deal



Musk tweet slams Tesla into reverse: Now electric car boss claims firm had not signed deal with Hertz


Elon Musk said Tesla has not signed a deal with Hertz

Elon Musk said Tesla has not signed a deal with Hertz

Tesla shares slammed into reverse after Elon Musk said it had not signed a contract with Hertz.

The electric car maker’s shares soared last week after Hertz announced a massive deal to buy 100,000 Tesla vehicles. It was Tesla’s biggest-ever order and the company’s value rose above $1trillion.

But boss Musk took to Twitter yesterday and said: ‘If any of this is based on Hertz, I’d like to emphasize that no contract has been signed yet. Hertz deal has zero effect on our economics.’

However, Hertz told the BBC: ‘Deliveries of the Teslas already have started.’ A spokesman said: ‘Hertz has made an initial order of 100,000 Tesla electric vehicles and is investing in new EV (electric vehicle) charging infrastructure.’

Tesla shares fell 4 per cent in early trading, while Avis Budget Group more than trebled in value as investors rushed to get a piece of the heavily shorted US car rental company after its quarterly results beat Wall Street estimates. 

Avis is in talks with manufacturers, and wants more electric vehicles for its fleet. Shares rose more than 200 per cent at one stage.




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