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Hertz wants to be the Tesla of the rental car sector by leading the adoption of EVs

Tesla EV rentals at Hertz. [Credit: Hertz]

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Interim CEO of Hertz and former Ford frontman Mark Fields hopes to lead a charge of car rental agencies that will transition to a strategy of adding more electrified models to their fleets. In essence, Hertz is attempting to become the Tesla of the rental car sector by showing that EVs will increase consumer interest.

Hertz secured an order for 100,000 Model 3 all-electric sedans from Tesla in late October. 50,000 units will be rented out by Uber for its drive network, and some Despite Tesla CEO Elon Musk’s statement which detailed the lack of a binding contract for the purchase, Fields and Hertz seem all-in on their sizeable investment, which was worth $4.2 billion.

Tesla, Hertz work toward fulfilling massive Model 3 order

“We are excited about the Tesla relationship. It’s all wrapped around our strategy to lead the adoption of electric vehicles,” Fields said on Yahoo! Finance Live.

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Fields confirmed while on the program that Hertz did complete the order for 100,000 Model 3s, which could catalyze a long and rewarding partnership with the world’s leading EV brand. “Deliveries of the Teslas already have started. We are seeing very strong early demand for Teslas in our rental fleet, which reflects market demand for Tesla vehicles,” Hertz said in an emailed statement to Bloomberg last week.

“So we are starting a great relationship with Tesla. We are also ready to partner with many other manufacturers to extend our lead in the adoptions of electric vehicles. But clearly we are going to work I think very collaboratively with Tesla,” Fields said earlier today. “Importantly, our consumers really want to drive Teslas and we want to be there to be able to provide those products for them. We are very excited about the relationship going forward.”

Fields stated earlier this month that interest in Hertz’s Tesla fleet was increasing traffic on its website and interest was at an all-time high. Fields stated that “initial interest is exceeding our expectations. It shows that our message got through.”

Hertz raised $1.3 billion in stock offering on Monday, which sold 44.52 million shares at $29 per share. Its prospectus, released last week, detailed an expectation of 37.1 million shares to be sold at prices between $25 and $29 per share. The sale priced Hertz at $13.7 billion, just five months after the company filed for bankruptcy.

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Joey has been a journalist covering electric mobility at TESLARATI since August 2019. In his spare time, Joey is playing golf, watching MMA, or cheering on any of his favorite sports teams, including the Baltimore Ravens and Orioles, Miami Heat, Washington Capitals, and Penn State Nittany Lions. You can get in touch with joey at joey@teslarati.com. He is also on X @KlenderJoey. If you're looking for great Tesla accessories, check out shop.teslarati.com

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Elon Musk’s Boring Company selected for Universal Orlando tunnel project

The underground transport tunnel is designed to address the persistent gridlock surrounding International Drive. 

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Credit: The Boring Company/X

Elon Musk’s The Boring Company has been selected for a proposed underground transit system connecting Universal Orlando Resort and the newly opened Universal Epic Universe. 

The underground transport tunnel is designed to address the persistent gridlock surrounding International Drive. 

As noted in a blooloop report, Universal’s Shingle Creek Transit and Utility Community Development District approved a resolution showing its intent to designate The Boring Company as the contractor for the project. 

The agreement covers the full scope of the project, from the tunnel’s design, construction, and maintenance. The project has also been described in public documents as a “point-to-point innovative transportation” initiative with a 25-year agreement.

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The proposed Boring Company tunnels would directly link Universal’s existing parks with Epic Universe, which sits roughly three miles away from Universal Orlando Resort. Today, buses are the only direct connection between the two destinations.

Project requirements were quite stringent. Bidders were required to demonstrate at least $75 million in bonding capacity, have a minimum of seven years of operational experience, and show prior delivery of a comparable project valued at $25 million or more within the past 15 years. The Boring Company, thanks in no small part to the Vegas Loop, meets these requirements.

The Orlando selection adds to The Boring Company’s growing portfolio of Loop-style systems. In Las Vegas, the Las Vegas Convention Center Loop has transported more than two million passengers in Tesla vehicles through underground tunnels since 2021. The greater Vegas Loop system is also under construction.

For now, residents in the area seem enthusiastic about the upcoming project. In a comment to Fox35, residents noted that the tunnels could improve traffic in the area. 

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“We are very congested at certain times and certain hours and that would certainly help with people not having to budget their time,” Mary Walters-Clark, a resident, stated. Another resident, Scott Heinz, echoed similar sentiments. “I think it would be a new opportunity to lessen traffic load and good for visitors as well,” he said.

The tunneling startup has started bringing its Loop projects to international locations. It recently signed a memorandum of understanding with Dubai’s Roads and Transport Authority to explore the development of a 17-kilometer underground Loop network beneath Dubai.

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Elon Musk tops Forbes’ list of America’s 250 greatest innovators

The ranking places Musk at the top of modern American innovation.

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Gage Skidmore, CC BY-SA 4.0 , via Wikimedia Commons

Elon Musk has been ranked No. 1 on Forbes’ inaugural list of America’s 250 Greatest Innovators. The ranking places Musk at the top of modern American innovation as the publication kicks off a series celebrating the nation’s 250th anniversary.

Forbes described innovation as “the grease in the economic engine” and the force that transforms industries and creates new ones. The publication highlighted that its honorees are not just inventors, but business leaders who successfully bring breakthroughs to market.

Musk, 54, was ranked No. 1 in this year’s list. Forbes noted that he is “the only person in history to have founded (or grown from nearly nothing) five companies, each with multibillion-dollar valuations, each in a different industry.” Those companies include Tesla, SpaceX, Neuralink, xAI, and The Boring Company.

Forbes’ methodology began with nearly 1,000 nominees submitted by its reporters. A panel of judges, including venture capitalist Jim Breyer, journalist Kara Swisher, and strategy expert Rita McGrath, ranked candidates based on creativity, breadth, engagement, disruption, and commercial impact. Artificial intelligence tools, including ChatGPT and Gemini, were also used to assess candidates before editors finalized the rankings.

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The publication noted that more than one-third of the list consists of women and people of color, reflecting shifts in innovation and entrepreneurship over time. All individuals listed are also American citizens, though many were born abroad, including Musk himself. Musk was born in Pretoria, South Africa.

Ranked No. 2 is Jeff Bezos, 61, who Forbes credited with upending America’s $7.4 trillion retail industry through Amazon before pioneering cloud computing with Amazon Web Services. The publication highlighted that Bezos now focuses on space exploration through Blue Origin and artificial intelligence manufacturing systems at Prometheus.

At No. 3 is Bill Gates, 70, who helped launch the personal computing revolution and built Microsoft into the dominant force in workplace software. Forbes also highlighted Gates’ reinvention at age 50 as a data-driven philanthropist, including his role in helping eradicate polio from India.

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Tesla Model Y tops California vehicle sales despite Elon Musk backlash

Data from the California New Car Dealers Association (CNCDA) showed the Model Y outsold its nearest competitor by more than 50,000 units.

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Credit: Tesla

The Tesla Model Y was California’s best-selling new vehicle in 2025 for the fourth straight year, despite protests against CEO Elon Musk and a changeover to the Model Y’s updated variant that caused a pause in production and deliveries early in the year.

Data from the California New Car Dealers Association (CNCDA) showed the Model Y outsold its nearest competitor by more than 50,000 units, according to KRON4.

The Model Y recorded 110,120 registrations in California in 2025. The second-best-selling vehicle, the Toyota RAV4, posted 65,604 units, followed by the Toyota Camry at 62,324. The Tesla Model 3 ranked fourth with 53,989 sales, ahead of the Honda Civic at 53,085 units.

Despite leading the state, Model Y sales have trended downward year-over-year. Registrations fell from 132,636 in 2023 to 128,923 in 2024, and then to 110,120 in 2025. Overall Tesla sales in California also declined, dropping from 238,589 in 2023 to 202,865 in 2024 and 179,656 in 2025.

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The slowdown comes as the federal $7,500 EV tax credit ended, removing a key incentive that had supported electric vehicle demand for years.

“Tesla has a few advantages. Tesla, as a brand, has a status, cache, so I think folks in certain parts of the Bay. Owning a Tesla is a thing. I think that’s breaking down over time, especially given the political controversies surrounding Mr. Musk,” CNCDA President Brian Maas said.

California saw multiple anti-Musk protests in 2025, along with notable reports of consumer-owned Teslas being vandalized and attacked by protesters and activists. The fact that the Model Y and Model 3 remained strong performers in California is then a testament to the quality and value of the two vehicles. 

Tesla’s sales of the Model Y and Model 3 might see an increase this year, as the company has announced that it is sunsetting its two more expensive cars, the Model S and Model X. With the Model S and Model X retired, more consumers will likely go for the Model Y and Model 3. 

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“Maybe the Model S has outlived its usefulness in terms of attracting customers. It’s no surprise the ones they kept are the Model Y and Model 3,” Maas noted.

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