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It became Tesla a trillion-dollar company this week After announcing a massive deal with Hertz. The car rental company said it will buy a 100,000 Tesla Model 3 sedan By the end of 2022, which sent Tesla stock price from $ 1,000 north. Two days later, Hertz announced that Uber has committed to the lease as much as half of these electric vehicles to his ride-hail drivers. Hertz too He was hired by Tom Brady to promote its new fleet.
But a week after Hertz announced the deal, Elon Musk said On Twitter that “no contract has been signed yet.”
“Tesla has much higher demand than production, so we will only sell cars to Hertz with the same margin for consumers,” added Tesla’s CEO. “The Hertz agreement has no impact on our economy.” It’s unclear why Musk is backtracking at the moment, but it’s worth noting that the Hertz deal represents Tesla. the greatest demand ever.
“Deliveries from Teslas have already begun,” Lauren Luster, Hertz’s communications director, told Recode on Monday. “We are seeing a very high demand from Teslas in our rental fleet, which reflects the demand from the Tesla vehicle market.”
Assuming everything goes as planned, these developments are good for Tesla, and good for the entire EV industry. But the rest of the companies involved are making more risky bets. She’s spending a fortune $ 4.2 billion is estimated when its Tesla rentals become available next month, the cars will be so desirable that its customers will pay higher rates for what the company says. “Premium and separate rental experience.” Hertz said it would cost to rent a Tesla “similar”To its premium and luxury car rates, which vary depending on the place of collection and the date of booking. As a reference, rent a Jaguar XF sedan at a cost more or less The same as a new Tesla Model 3, it was worth more than $ 300 at LaGuardia Airport in New York a day earlier. taxes and fees.
Meanwhile, Uber is offering drivers a small subsidy and discounts at some charging stations if agreed to pay $ 334 a week To rent a Tesla from Hertz. Ride-hail believes that this new approach to renting could lay the groundwork for a future business model for a more environmentally conscious business model, even if the company has a confusing track record when it comes to renting cars.
To find out how each of these companies will approach the new Tesla rental market, we took a look at the mathematician. Hertz’s deal with Tesla is worth millions, and Uber could spend millions on benefits to attract drivers to rent electric vehicles instead of cheaper vehicles. Of course, it will be the customers who decide whether to pay for these investments to their respective companies.
Tesla is making more money
Tesla will only win if these bets are paid. The price of the deal is particularly high because Tesla is charging price of stickers In all 3 models, now in model 3 It starts at $ 43,990 – Even discounts are more common in large orders car rental industry.
There is also more money on the table. Making Tesla vehicles available for rent and for Uber rides will also introduce the company’s brand to more potential customers. For example, Tesla the celebrity has no marketing department, but is getting a lot of attention in Hertz’s latest ad campaign, which shows Tom Brady surrounded by 3 models.
Hertz is betting millions on a greener future
More is being done in this Hertz deal. The car rental giant filed for bankruptcy last year the pandemic sidelined the travel industry, and only when he started going back two investment firms it bought a majority stake in the company in March. Now, it looks like Hertz is hoping that a pibo for electric vehicle rental could give the dependent company a second life. In fact, Hertz plans to launch one dedicated to the portal EV for rentals, and says more than 20 percent of its fleet will be electric by the end of next year.
This calculation assumes that Tesla will deliver the vehicles ordered on time, which may not be the case. The company has it lost production targets in the past and still navigating shortage of semiconductors worldwide, which destroyed car manufacturing.
Potential customers may not want to pay the brand to rent a Tesla, especially since rental car prices are even higher they were before the pandemic. Once again, the novelty of driving a Tesla may be enough to capture customers. Many people have not had the opportunity to drive an electric vehicle, so a rental experience can allow them to do so without spending more. More than $ 40,000 in 3 models.
Uber’s business model is changing
Although Hertz is marketing its Teslas premium product, the vehicles it leases to Uber will be available at all ride levels, including the right-budget UberX service. There will also be Uber drivers with Teslas eligible To list their vehicles on the platform’s Uber Comfort Ride and Uber Green service levels for the environment, there will be no dedicated way for an Uber customer to book a trip in a Tesla.
The success of Uber’s new deal with Hertz depends, of course, on whether they can convince drivers to sign up for the rental program. Uber drivers can already rent other cars through a partnership with Hertz, which announces a basic weekly rental rate $ 214 per week, excluding fees. While renting a Tesla would be more expensive, Uber has promised that the cost will eventually drop from the current $ 334 a week to $ 299 and perhaps even lower. Uber offers Tesla drivers an extra dollar per trip (up to $ 4,000 per year), and any Uber driver who owns an electric vehicle can get discounts at EV electric vehicle charging stations.
“It is clear that electric vehicles and self-driving cars are the future of the automotive industry [Uber wants] having a front seat to their impact on large-scale mobility, ”said Gad Allon, on operations, information and decisions Professor at Wharton. “This collaboration allows them to start and see the future of their model.”
However, this plan has its limitations. Less than 10 percent of Uber drivers currently rent vehicles, so the Hertz deal doesn’t affect the majority of drivers. The company has a sketchy history when it comes to providing drivers with cars. In 2017, Uber turn off his Xchange Leasing business, which provided vehicles to drivers who could find no other financing; the program was missing too much money. Xchange Leasing was also criticized drivers acting with abusive financial agreements. Some believe that Uber’s recent rental partnership will make drivers even worse.
“Whether they’re renting a Teslas or a Toyota, drivers who catch Uber with their car rental schemes will still be caught up in the ongoing debt cycles,” a spokeswoman for Recode Gig Workers Rising said.
But even if Hertz and Uber charge bets, Tesla will be the company with the most to celebrate. Hertz said Wednesday that if Uber’s partnership is successful, the company could expand the program to include 150,000 cars. over the next three years, Hertz should buy at least 50,000 more Model 3s. That, of course, is great news for Tesla.
Update, Nov. 2, 11:30 a.m .: This story was updated in a Monday tweet by Tesla CEO Elon Musk stating that the Hertz-Tesla contract had not been signed, as well as an updated statement from Hertz.
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