The Hertz Corporation, one of the world's largest car rental and leasing conglomerates, has snapped up 100,000 units of the Tesla Model 3 for an eye-watering S$5.7 billion. That's billion with a 'B'.

That's a steep amount for a company that filed for bankruptcy in May of last year, owing to the COVID-19 pandemic. However, the company has since bounced back after a comprehensive restructuring process to be stronger both financially and operationally. 

With this initial order of 100,000 Tesla Model 3s by the end of 2022, EVs will make up more than 20 per cent of Hertz's global fleet, making it the largest EV rental fleet in the whole of North America if not the world. This purchase also enabled Tesla's market value to surpass the US$1 trillion mark, despite news of chip shortages and unfulfilled orders in recent months.

"Electric vehicles are now mainstream, and we've only just begun to see rising global demand and interest," said Mark Fields, interim CEO of The Hertz Corporation.

"The new Hertz is going to lead the way as a mobility company, starting with the largest EV rental fleet in North America and a commitment to grow our EV fleet and provide the best rental and recharging experience for leisure and business customers around the world."

Currently, all Hertz customers who rent the Model 3 will have free access to Tesla's well-established Supercharger network until the 1st of February 2022. The company has also announced plans to install thousands of charging points to expand its own charging network.

For the unheeding vacationer who forgets to top up his fuel tank before returning rental cars, fret not.

Sources say that the Model 3 rental cars do not need to be returned with a full charge. For now.

PHOTOS Hertz