Hertz Is Purchasing up to 65,000 Electric Vehicles

by Samantha Whidden
hertz-purchasing-up-to-65000-electric-vehicles

As gas prices continue to be a major topic worldwide, car rental brand Hertz is reportedly planning to purchase up to 65,000 electric vehicles from Polestar. 

At a glance

  • Hertz will purchase the electric vehicles from Swedish premium electric car marker Polestar over the next five years. 
  • The Hertz electric vehicle rentals are to be available in Europe in the spring. The vehicles will also be available in North America and Australia later this year. 
  • Hertz previously revealed that it would be purchasing 100,000 electric vehicles from Tesla. 
  • Hertz says it will have its electric vehicles available for leisure and business customers as well as ride-shares.

According to ABC News, Hertz announced on Monday (April 4th) that It will be buying up to 65,000 electric vehicles from Swedish premium electric car maker, Polestar. The deal will extend over a five-year period. The vehicles will notably be available in Europe in the spring. They will then be available in North America and Australia later this year. 

The news about the Hertz/Polestar partnership comes five months after the car rental company announced it would be purchasing 100,000 electric cars from Elon Musk’s Tesla.

Hertz CEO, Stephen Scherr, has issued a statement about the collaboration. “By working with electric vehicle industry leaders like Polestar, we can help accelerate the adoption of electrification while providing renters, corporate customers, and rideshare partners with a premium electric vehicle product; exception experience; and lower carbon footprint.”

Terms of the deal between Polestar and Hertz have not been disclosed at this time. However, shares of Hertz Global Holdings, Inc. rose 2.4% prior to the market opening. 

Polestar Speaks Out About Hertz Collaboration 

Meanwhile, Polestar CEO, Thomas Ingenlath, spoke about the new partnership with Hertz. “We are delighted that Hertz has chosen Polestar as a strategic partner on their road to electrification. The partnership with a global pioneer like Hertz will bring the amazing experience of driving an electric car to a wider audience.”

As part of the deal, Hertz says it will initially order Polestar 2, which is an electric vehicle that “established” Polestar’s position as a premium electric car manufacturer. The vehicle includes an infotainment system powered by Android Automotive OS with Google built-in for the premium electric vehicle segment. 

Along with the collaboration with Hertz, Polestar reports that it nearly tripled its volumes in 2021. It also anticipants more than doubling volumes again in 2022. The company expects its volume to reach 290,000 vehicles per year by the end of 2025. Polestar is also planning to list on NASDAQ New York in a business combination with Gores Guggenheim Inc. The company went on to add that this new deal is on track to close in the second quarter of 2022. 

Outsider.com