TeslaFollowing news of the release, shares rose more than 4 percent pre-market Monday HertzIs ordering 100,000 vehiclesTo build a fleet of elective vehicles for rental by 2022.

Tesla’s stock briefly rose to over $949 pre-market after the news broke. It was just one trading session after its $900 high.

This deal will be Tesla’s largest-ever purchase of electric cars, with a reported value of $4.2 billion. Bloomberg previously reported

Tesla was not available for comment.

Bloomberg reports that cars will be ready for customers in the U.S., Europe and other parts of Europe within the next 14-months.

This deal is more than just a contract. year after Hertz filed for bankruptcyAs the demand for rental vehicles and travel declined, protection was needed during the peak of the pandemic. Knighthead Capital Management, Certares Management investors said this year they would take over the company

Michael Wayland from CNBC contributed to the report.