New lease of life: Hertz was struggling under massive losses but its new order for 100,000 Tesla Model 3s has once again boosted its stock price | Photo:

Hertz orders 100,000 Teslas, Uber to lease half of them

Car rental company Hertz ordered 100,000 EVs from Tesla, making the $4.2 billion deal the largest ever for the EV maker. The Tesla Model 3s will be delivered over the next 14 months and will be available across several US cities. The order is also large enough to block 10pc of Tesla’s annual manufacturing capacity, and it drove up Tesla’s stock price by 13% intra-day to take the company’s valuation beyond $1 trillion for the first time. 

Meanwhile, Uber will lease 50,000 of the vehicles from Hertz to make it available to its drivers. Interestingly, the models ordered will not be the bare bones versions that are typically used for taxi-like operations, but will be well appointed with most common amenities for a better rider experience. 

India: Maruti Suzuki not yet ready to manufacture EVs, says will wait till 2025

India’s largest carmaker, Maruti Suzuki Ltd, said that it was not going to venture into EV manufacturing at least till 2025, as the demand for EVs in the country was simply not enough for it to justify the additional investment. Instead, Maruti chief R.C. Bhargava said that he would like for the demand to reach around 10,000 EVs per month before the automaker would start manufacturing EVs. Maruti makes several of India’s best-selling cars — it sold 130,699 units in August 2021 alone — and is one of the few large automakers that so far does not have an EV in its product lineup. 

Foxconn to build EVs in Latin America, India and Europe 

Taiwanese electronics giant Foxconn announced that it would start building EVs in markets outside of its home country, starting with Europe first, and then expanding to Latin America and India. Foxconn is world-renowned as the manufacturer of iPhones for Apple, but it recently purchased a car factory in the US for its foray into EVs, and it plans to supply 10% of all EV components and/or services by 2025. It is currently working on a solid-state battery, and has already developed an electric bus, sedan and SUV — the latter being called the Model C.