Tesla shares fell 7% after the report on the postponement of the deal with Hertz

02-11-2021

On the morning of Nov. 2, 2021, Tesla’s stock price dropped 7%. The prerequisite for this was Musk’s announcement that the deal with car rental service Hertz had been postponed. 

The electric-car maker’s stock was down to $1131.97 at 05:21 L.A. By 11:00 L.A., Tesla’s stock price had recovered to $1178. 

Hertz last week reported plans to order 100,000 cars. The deal is worth more than $4 billion. On November 2, Musk published a post on Twitter, saying that the contract with Hertz has not yet been signed. This is due to the fact that the demand for electric cars exceeds the company’s ability to produce cars. The Tesla founder said that a deal with Hertz is possible at the same margin as for regular customers. Representatives of the car rental service report a willingness to buy cars at full price.

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