Musk says Tesla hasn’t signed Hertz deal yet

A comment by CEO Elon Musk slammed the brakes Tuesday on Tesla’s surging stock.

Musk said the electric vehicle maker had not signed a deal with Hertz. That seemed to clash with the rental car company’s announcement late last month that it had ordered 100,000 Tesla cars, which would make it Tesla’s biggest order ever. Hertz, in fact, is already advertising the tie-up on its website, inviting customers to book a Tesla.

That news ignited a big rally in Tesla shares, sending the company’s valuation past the $1 trillion milestone.

But Musk tweeted late Monday, “If any of this is based on Hertz, I’d like to emphasize that no contract has been signed yet … Hertz deal has zero effect on our economics.”

That message sent Tesla shares down more than four percent in early trading Tuesday before paring some of that decline.

Tesla did not immediately respond to a request for comment.

Hertz said in a statement that deliveries had already started.

Last week, Hertz’s interim CEO Mark Fields told Reuters the order will primarily include Model 3 vehicles. If the entire order were for that mass-market car, that would value the deal at roughly 4-and-a-half billion dollars.