Musk Says Tesla Has Not Signed a Contract With Hertz Yet, Halts Stock Rally

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Tesla Inc. top boss Elon Musk said the electric carmaker had not signed a contract with Hertz, more than a week after the car rental firm announced a massive deal with the electric car company.

Teslaโ€™s shares fell 5 percent to $1,146 in premarket trading, after a steep jump following the news of the biggest-ever orderโ€”100,000 electric cars for Hertzโ€”on Oct. 25, which helped Tesla breach $1 trillion in market capitalization.

Musk tweeted late Monday, โ€œIf any of this is based on Hertz, Iโ€™d like to emphasize that no contract has been signed yet.โ€

โ€œHertz deal has zero effect on our economics.โ€

Tesla and Hertz did not immediately respond to a request for comment.

Interim Hertz Chief Executive Officer Mark Fields had told Reuters last week the order will primarily include Model 3 vehicles. Considering Teslaโ€™s cheapest Model 3 sedan starts at about $44,000, the order could be worth about $4.4 billion, if the entire order were for the mass-market sedan.

โ€œTesla has far more demand than production, therefore we will only sell cars to Hertz for the same margin as to consumers,โ€ Musk said.

Byย Reuters

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