Tesla Surpasses $1 Trillion in Market Value as Hertz Orders 100,000 Vehicles

The Wall Street Journal ^ | October 25, 2021 | Dave Sebastian (in some coffeehouse he sat)

[SunkenCiv]

Tesla Inc. TSLA 12.66% became the latest U.S. company to cross the $1 trillion milestone in market value as its stock price has more than doubled in the past year on surging sales and rising profit.

Helping Tesla cross the mark Monday was news that Hertz Global Holdings Inc. HTZZ 10.09% had ordered 100,000 vehicles from the electric vehicle maker to stock its rental-car fleet, a major bulk purchase that could help the car company get more of its cars into the hands of mainstream consumers.

In crossing the $1 trillion mark, Tesla joins Apple Inc., Microsoft Corp. , Amazon.com Inc. and Google-parent Alphabet Inc. Facebook Inc. was part of the group, though its share price has since retreated. Tesla, which last week posted its third consecutive quarter of record profit, is now valued more than the next nine largest auto makers by market cap...

The Tesla order is part of a broader effort by Hertz to give customers more battery-powered options on rental-car lots.

The Estero, Fla., company said that starting in early November and expanding through the end of the year, Hertz customers will be able to rent a Tesla Model 3 at airports and other locations in major U.S. markets and some cities in Europe...

“Electric vehicles are now mainstream, and we’ve only just begun to see rising global demand and interest,” said Mark Fields, Hertz’s interim chief executive. Mr. Fields, a former Ford Motor Co. CEO, took the role earlier this month.

[SunkenCiv]

They had some problems with their Volt I think it was.

My grandpa didn’t like outlets, thought the electricity would leak out and catch a fire.

[SunkenCiv]

EVs have been around probably longer than ICE vehicles, and they haven't caught on, and ICE vehicles took over and will prevail.

EVs have caught on, and ICE vehicles will remain around for a while yet, but will decline into niche uses and into classic auto shows and fairs. Ford's got a hybrid Maverick pickup that starts at $20K and is rated at 38 mpg, putting it within striking distance of 'civ's budget, but EVs have or will have inherently lower manufacturing costs. Companies which don't adopt it aren't worried about tyrannical overlords, they're worried about their own market survival.

Rental companies don't always wait for vehicles to be close to end of warranty. I've bought 3 cars from rental companies, and with 21,000 miles or less on the odometer.

Rental companies usually wait for vehicles to be close to end of warranty, but under-rented models or troublesome individual vehicles get sold early. Tesla's EVs have been around long enough to show that they have great durability and low maintenance costs, and the newest stuff is an improvement over the oldest stuff. Renting a vehicle for more miles and years under warranty will become their wheelhouse.

I'm not worried about your final paragraphs of tropes.

[SunkenCiv]

Well put. Most miles driven (avg = less than 40 a day) are well within the round-trip range of EVs, and there's never a need for a filling station because a 220 volt dryer/range outlet is all that's needed, with or without photovoltaic cells.

[adorno]

EVs have caught on, and ICE vehicles will remain around for a while yet

You have that backwards.

ICE vehicles will be around forever, while EVs will remain a niche market.

BTW, what kind of resale value do EVs have after 1 or 2 or 3 or 10 years? From what I've seen, not too many EVs have good resale value after about 3 years.

EVs are being made by the higher volume car makers, like Ford and GM, but, they've done so "just in case" EVs do take off. But, EVs have not taken off at the big manufacturers, and remain a very tiny segment among those makers.

And, costs won't be coming down for EVs, since they require a very expensive energy source, namely their batteries, which are not coming down in price, though that was the promise some 10 years ago.

Rental companies have a very hard time selling vehicles wit high mileage, which means that, they have to mix low-mileage with high-mileage cars, in order to try to keep customers interested. Like I said in a prior post, I've bought used vehicles for car-rental companies, and all 3 of them have been with 21,000 miles or less.

If Tesla or any other EV maker is willing to replace the batteries 'free of charge' after they've lost the charge-retention capabilities, then, I might consider purchasing one of those, but only for part-time usage, since owning one of those is still a very big pain in the neck.

And, oh, why is it that people are returning EVs to the tune of around 20% or selling them to others, after the purchaser becomes disgusted with the pain of owning them? A lot of those returned/resold EVs are in California, which is the number one state with the lunacy of climate change politics. So, even people in California are not buying into the EV madness.

But, good luck to you with your EV. I'll keep my ICE cars, and if government forces them out of the market, I'll keep maintaining by ICE vehicle until I die. The only way that ICE cars will disappear or get lower sales than EVs, is through government dictates, and not through free-market customers' preferences.

[SunkenCiv]

More tropes.

[adorno]

More tropes.

More truth.

You can't handle the truth!

[SunkenCiv]

Right back at you.

[SunkenCiv]

[snip] The cumulative number of plug-ins sold in California stands at over 862,000, compared to over 1.91 million in the U.S.

However, the vehicle population is significantly lower than the cumulative sales (because of vehicle retirements, accidents, owners moving out of state, or other reasons), probably between 650,000 to 700,000 (more than half would be BEVs). As of the end of 2020, it was over 635,000 and about 2.2% of all light-duty vehicles.

EV drivers can use more than 73,400 charging points (AC and DC) in California (a few thousand more than at the end of 2020), which means one charging point per over 11.7 EVs (this number is increasing)...

The U.S. sales are estimated at 131,240 units in Q1 2021, which means that California holds some 45% share.

The total number of plug-ins this year might reach 1 million in California and over 2 million in the U.S. [/snip]

https://insideevs.com/news/506502/california-plugin-car-sales-2021q1/

(total vehicles in CA in 2019 was 14 million, with 600K owned by gov’t, a good many of those are trucks)

[adorno]

Right back at you.

Oh, you're so clever and original. ;)

[SunkenCiv]

Hertz CEO on Tesla partnership and plans to create an autonomy service infrastructure. TSLA stock is on a tear form Hertz and Tesla partnership but there is more to this news than just the purchase of 100,000 teslas. Hurtz has huge plans and is working to create a moat. Tesla is the key

Hertz CEO drops huge bombshell about Tesla Robo Taxi Plans | October 27, 2021 | Beyond our Money

[SunkenCiv]

Uber is offering up to 50,000 Tesla electric cars to its drivers in select cities as part of a new deal with Hertz.

Uber Offers Up To 50,000 Tesla Cars To Drivers In New Hertz Deal | October 27, 2021 | NBC News

[SunkenCiv]

https://twitter.com/DivesTech/status/1453350874466725905

Daniel Ives
@DivesTech

Taking a step back, we believe this starts to lay the groundwork for the long awaited robotaxi network over the next decade from Tesla with the Uber/Hertz partnership planting the seeds for where this is all directionally heading in our opinion.

9:20 AM · Oct 27, 2021·Twitterrific for iOS

[SunkenCiv]

CEO Ross Gerber joins Bloomberg’s Quicktake to discuss none other than Tesla and the recent news that Hertz ordered 100,000 Model 3’s to add to their rental car fleet. Ross believes, “One must think long-term because there’s a certain amount of the future baked into the price… we’re not a buyer of Tesla here over $1,000, I would buy Tesla under $800.” Have you made the switch to an EV?

Bloomberg: Ross Gerber - Tesla Continues To Climb | October 27, 2021 | Gerber Kawasaki

[SunkenCiv]

Tesla (TSLA) had an incredible day today extending its gains by more than 10% up intraday. CEO Ross Gerber and his friends at Bullish created this mash up video of TV spots, Ross vs Tesla short sellers and analysts who were all wrong about Tesla and the company's potential. We first released this video pre-earnings, but with recent news of Tesla being added to the S&P, it is time to resurface the video. Enjoy!

Ross vs. The Tesla Shorts: TV Spots Mash Up by Bullish | November 18, 2020 | Gerber Kawasaki

[SunkenCiv]

CEO Ross Gerber and his friends at Bullish created this mash up video of TV spots, pitting Ross against Gordon Johnson, a known Wall Street and Tesla Bear. Which side are you on, team Ross or team Gordon?

Tesla Bull Ross Gerber vs. Tesla Bear Gordon Johnson | March 2, 2021 | Gerber Kawasaki

[SunkenCiv]

Trevor Milton took the phrase "fake it till you make it" to the extreme. Let's take a look at the wild story of Nikola Motors. I've been sitting on this script idea for a year, so here it finally is.

--- About ColdFusion ---
ColdFusion is an Australian based online media company independently run by Dagogo Altraide since 2009. Topics cover anything in science, technology, history and business in a calm and relaxed environment.

How to Lie Your Way to $34 Billion [Nikola Motors Fraud] | October 25, 2021 | ColdFusion

[SunkenCiv]

MINDBLOWING! Tesla's NEW $2.4B Semi Truck Factory
Tesla’s new Semi-truck has been the talk of the town for a while now! In fact, production is slated to begin soon, as Tesla’s new $2.4 Billion factory is gearing up for the production of these trucks! The budget and size of this project will leave your mouth hanging open, so get ready to be dazzled!

MINDBLOWING! Tesla's NEW $2.4B Semi Truck Factory | October 20, 2021 | Wealth UP