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Rental car giant Hertz agreed to order up to 175,000 electric vehicles from General Motors over the next five years.
The deal with GM comes as Hertz is looking to create the largest rental fleet of electric vehicles in North America. The company has set a goal to electrify one-quarter of its fleet by the end of 2024. As part of the deal, Hertz will buy Chevrolet, Buick, GMC, Cadillac and BrightDrop vehicles.
“We are thrilled to partner with GM on this initiative, which will dramatically expand our EV offering to Hertz customers, including leisure and business travelers, rideshare drivers and corporates,” Hertz CEO Stephen Scherr said in a statement.
GM expects to begin taking deliveries of Chevrolet Bolt EVs and Bolt EUVs in the first quarter of 2023.
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The 2023 Chevrolet Bolt EUV Redline Edition seen here in black. Preproduction model shown. Actual model may vary. (Copyright: Chevrolet)
GM CEO Mary Barra called the deal a “huge step forward for emissions reduction and EV adoption.”
“With the vehicle choice, technology and driving range we’re delivering, I’m confident that each rental experience will further increase purchase consideration for our products and drive growth for our company,” Barra added.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HTZ | HERTZ GLOBAL | 18.02 | -0.47 | -2.54% |
| GM | GENERAL MOTORS CO. | 41.39 | +1.42 | +3.55% |
Hertz estimates that its customers could travel more than 8 billion miles in GM’s electric vehicles through 2027, saving approximately 3.5 million metric tons of carbon dioxide equivalent emissions compared to similar gasoline-powered vehicles traveling at the same distance.
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The deal with GM comes as Hertz has already agreed to order 100,000 Teslas and 65,000 Polestar vehicles.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 309.07 | +5.72 | +1.89% |
| VLVLY | VOLVO AB | 14.935 | -0.61 | -3.95% |
The automaker plans to rapidly scale its EV production capacity in North America to 1 million vehicles by 2025, driven by the opening of Ultium Cells battery cell plants in Ohio, Tennessee and Michigan.
