Wednesday, October 5, 2022
News Musk’s Tweet About the Hertz-Tesla Deal Cost $300 Billion

Musk’s Tweet About the Hertz-Tesla Deal Cost $300 Billion

Basically, Hertz’s “order” has no real impact on Tesla’s business

  • In brief, Musk said that Hertz and Tesla have not signed a contract.

  • Furthermore, demand for Tesla vehicles already outstrips production capabilities.

As Musk put it in his Tweet, the Hertz deal “has zero effect on our economics.” Hertz announced last week that they’d placed an order for no less than 100,000 Tesla vehicles but apparently, no actual contract was signed.

The news from Hertz sent, as always, Tesla’s stock soared by 13% and the EV company’s market value to a staggering $1 trillion. Musk tweeted shortly after the announcement that Tesla already has far more demand for its vehicles than they are able to produce. In fact, 100,000 units are roughly Tesla’s total one-tenth of its annual production capability.

Uber to Incorporate 50,000 Tesla Vehicles as Part of its Fleet

Following Musk’s Tweet, Tesla’s shares fell all of 3%. Even so, it’s important to recall that the EV car company’s stocks have rocketed 56% in the last month alone. Back on October 25th, according to Automotive News, Musk questioned the change in valuation as Tesla’s problem isn’t selling their vehicles, it’s building them.

Tesla Issues a Recall for its Autopilot Software to Comply with NHTSA

In other Tesla news, they’ve recently opened portions of their charging network to non-Tesla owners. As well, a recall has been issued pertaining to a recent FSD update.

Trending Now

The Popularity of the Chevrolet Bolt EV and EUV Duo is Increasing

The electric revolution is well and truly underway at General Motors, with the first vehicles based on the new Ultium platform having already found...

Valérie Limoges Makes History in the Nissan Sentra Cup

For the first time in Canadian racing history, a female driver has clinched a class title in Canadian road racing. When Quebec’s Valérie Limoges and...

The New Lamborghini Urus S Gets 666hp

This Urus needs only 3.5 seconds to reach 100km/h from a standstill. The engine tune is borrowed from the Urus Performante. Ultimate super SUV...

Wards publishes its list of the 10 best powertrains for 2022

Earlier this week, Wards Auto released its list of the 10 Best Engines and Powertrain Systems of the past year. And as expected, electrification...

Faraday Future Raised $100 Million Ahead of the Launch of the FF91

The company reported having financial problems earlier this year. About $100 million has now been raised out of the required $325 million. The...
Matt St-Pierre
Trained as an Automotive Technician, Matt has two decades of automotive journalism under his belt. He’s done TV, radio, print and this thing called the internet. He’s an avid collector of many 4-wheeled things, all of them under 1,500 kg, holds a recently expired racing license and is a father of two. Life is beautiful. Send Matt an emai


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.