Avis Budget Inc shares surged 218% to their highest level amid a series of retail mania activity after the increased adoption of EVs, according to a report by Bloomberg on Tuesday.

  • Chief Executive Officer Joe Ferraro stated that going forward they will be more active in electric scenarios as the situation develops over time.
  • The stock has more than tripled to a record-high of $545.11 in late morning trading in New York, bringing about overall gains for the year to 1,300%.
  • The rapid increase in the stock price led to at least 10 trading halts for volatility as 12 million shares changed positions.
  • The morning surge added over $18 billion to the company’s market value that surpassed the $30 billion level.
  • At this position, Avis shortly becomes the largest component of the Russell 2000 Index, beating another retail investors’ favorite AMC Entertainment Holdings Inc.

Avis did not share any plans to add EVs to its fleet following rival Hertz Global Holdings Inc agreed to purchase 100,000 cars from Tesla Inc. CAR up +110.13%