Bloomberg caused a huge stir (Hertz stock shot to
a two-year high their largest one-day gain in over two years on the “news”) with this report yesterday by Alex Webb and David Welch:
Apple Inc. is leasing a small fleet of cars from Hertz Global
Holdings Inc. to test self-driving technology, an agreement
that echoes a larger deal between competitors Alphabet Inc. and
Avis Budget Group Inc. Hertz shares soared the most in almost
A few hours later CNBC uncovered the scope of this lease:
Sources familiar with the situation told CNBC that Apple is
leasing six cars from a Hertz subsidiary for autonomous software
Six whole cars!
And then Apple confirmed to CNBC that the company is simply leasing six cars, and there is no partnership with Hertz.
The Alphabet/Avis deal is a genuine partnership, involving over 600 vehicles. There is no “echo” of that partnership in Apple’s having leased six cars.
★ Tuesday, 27 June 2017