Tesla Model 3 cars in a Hertz rental car parking garage in San Francisco, Feb. 7, 2022.
The share prices of both companies popped, and Tesla’s market capitalization surged past $1 trillion, exceeding the valuations of nearly all traditional automakers combined.
“Kudos to Mark Fields and the Hertz team for steering a great American brand into the electric and connected future,” Ford CEO Jim Farley tweeted.
Hertz had emerged from Chapter 11 bankruptcy only a few months earlier.
It was betting on electric vehicles to power its revival.
Persons:
Dylan Stewart, ZUMA Press Hertz, ”, Mark Fields, ” Ford, Jim Farley, Hertz
Organizations:
Tesla, ZUMA Press, Hertz
Locations:
San Francisco, American