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Photo: Artur Widak/NurPhoto via Getty Images

Car rental company Hertz announced Monday it will purchase 100,000 Tesla Model 3s by the end of 2o22 and install thousands of chargers across the United States as part of the company's turn toward electric vehicles.

Why it matters: It's a major purchase for Hertz, which filed for bankruptcy last year because of the coronavirus pandemic, and a major sale for Tesla, coming just after it reported its highest-ever quarterly profit despite global supply chain problems.

  • Hertz also said it will be partnering with seven-time Super Bowl champion Tom Brady to promote its shift toward EVs.

What they're saying: "Electric vehicles are now mainstream, and we've only just begun to see rising global demand and interest," said Mark Fields, Hertz' interim CEO.

  • "The new Hertz is going to lead the way as a mobility company, starting with the largest EV rental fleet in North America and a commitment to grow our EV fleet and provide the best rental and recharging experience for leisure and business customers around the world," Fields added.

The big picture: No price was given for the order, but a new Tesla Model 3 is more than $40,000, meaning the purchase could be at least $4 billion.

  • The company said it's creating a fleet of EVs because of growing consumer interest in the vehicles and for the climate change benefits of the technology.

Go deeper: Tesla is outrunning the supply chain crunch

Go deeper

Electric cars could become charging stations too

Ford's F-150 Lightning pickup can top off the battery in a Mustang Mach-E. Photo: Ford

Electric vehicles will soon have "bidirectional" or two-way batteries that can turn cars into useful sources of power for your home, worksite or even another car.

Why it matters: One of the biggest obstacles to EV adoption is the lack of charging infrastructure.

  • But if you think of your car as a source of energy — not just a consumer of it — that whole calculus begins to change, says Reilly Brennan, a transportation investor at Trucks Venture Capital.

Fed: Rate hikes "will soon be appropriate"

The Federal Reserve's headquarters building. Photo: Anna Moneymaker/Getty Images

Federal Reserve officials expect "it will soon be appropriate" to raise the central bank's main target interest rate, setting the stage for a rate hike at its next meeting in mid-March.

Driving the news: In a statement following a two-day meeting published Wednesday afternoon, however, the policy-setting Federal Open Market Committee teed up its next move without taking new action.

How long it’s taken to confirm Supreme Court justices

Expand chart
Data: Axios research, U.S. Supreme Court, Supreme Court Historical Society; Chart: Jacque Schrag/Axios

It takes a U.S. president an average of 70 days from the date a Supreme Court seat is vacated to nominate a replacement, according to data from the Supreme Court Historical Society.

Why it matters: With news outlets reporting liberal Supreme Court Justice Stephen Breyer's plans to retire, Democrats will be looking to confirm President Biden's nominee with enough time to refocus the national political debate ahead of the midterms.