Sixt to Purchase 250,000 Vehicles from Stellantis After Phasing Out Tesla Fleet

The deal, set to extend until 2026, comes as Sixt plans to electrify 90% of its European fleet by the end of the decade.

Sixt, Europe's largest car rental company, has agreed to purchase 250,000 vehicles from Stellantis, a multinational automaker, to be used across Europe and North America by 2026.
The deal comes after Sixt decided to phase out its fleet of Teslas due to a sharp decline in used electric vehicle (EV) prices, higher maintenance costs, and lack of demand.
Stellantis will deliver a wide range of vehicles to Sixt, including electric vehicles (EVs), with the first significant volume of deliveries taking place in the first quarter of 2024.
Sixt plans to electrify as much as 90% of its vehicles in Europe by the end of the decade, while Stellantis aims to achieve 100% of sales in Europe and 50% of US sales to be battery electric vehicles by 2030.
Shares of Stellantis were down 3.1% at $21.60 per share as of about 2:20 p.m. ET Tuesday, while Tesla shares were up 0.6% at $220.09 per share.