The deal between the rental-car company and ride-sharing giant allows U.S. Uber drivers to rent one of 50,000 Teslas starting in Los Angeles, San Francisco, San Diego and Washington, D.C. The vehicles are part of the 100,000 Teslas that Hertz agreed to buy, which will be rented in major U.S. markets and select European cities. (The Logic)

Talking point: Tesla investors have been gaining the most from the deals on paper (the company’s market capitalization soared past US$1 trillion this week), though the agreements also hint at Uber and Hertz’s turnaround plans as the auto industry shifts to electrification. For the rental-car company, which filed for bankruptcy protection last year and had to refinance its Canadian fleet, Uber drivers are a steady source of customers amid uncertainty in the travel industry. Uber has also been trying to capitalize on its “green” offerings and recruit new drivers, who would get preferred weekly rates for the Hertz rentals, including insurance and basic maintenance. Uber CEO Dara Khosrowshahi said in a statement that the deal is part of a goal to start “seeing more EVs on the road right away.”