American electric carmaker Tesla Inc. has yet to ink an agreement with car rental firm Hertz Corp., Chief Executive Officer Elon Musk said in a MarketWatch report.

  • Musk took to Twitter to say that no contract has been signed with Hertz so far after the company announced an initial order of 100,000 Teslas by the end of 2022.
  • Musk also questioned the rally of Tesla shares, which have soared to reach a market capitalization of over $1 trillion since the Hertz announcement regarding the Tesla units and electric-vehicle charger installations.
  • Analysts have indicated that the Hertz agreement would boost Tesla, noting that the order could be a tipping point. Musk noted, however, that demand continues to outpace production.

Hertz already indicated the Tesla investment as a risk factor in a regulatory filing on October 28. TSLA is down 3.34% premarket, while HTZZ is up 10.09%.