HTZ - Hertz to Acquire 65000 Electric Vehicles from Polestar

Polestar, an electric vehicle maker, is set to sell Hertz Global (NASDAQ: HTZ) approximately 65,000 vehicles throughout the next five years, according to the two companies. The 65,000 units will mostly consist of the sporty Polestar 2 sedans. Availability is scheduled to begin during the spring in Europe and later in the year in North America and Australia.

“Today’s partnership with Polestar further builds on our ambition to become a leading participant in the modern mobility ecosystem and doing so as an environmentally-forward company. By working with EV industry leaders like Polestar, we can help accelerate the adoption of electrification while providing renters, corporate customers, and rideshare partners a premium EV product, exceptional experience, and lower carbon footprint,” Hertz CEO Stephen Scherr said.

Additionally, Hertz had already placed an order for 100,000 Tesla cars in October of 2021.

“So we are starting a great relationship with Tesla. We are also ready to partner with many other manufacturers to extend our lead in the adoption of electric vehicles,” former Hertz interim CEO Mark Fields said last November.

The deal is set to be a major step for Hertz, as it strives to build the largest fleet of rental EVs in North America, as well as one of the biggest in the world. Meanwhile, Polestar aims to go public by the end of the second quarter amid a merger with special-purpose acquisition company Gores Guggenheim.

“The partnership with a global pioneer like Hertz will bring the amazing experience of driving an electric car to a wider audience, satisfying a broad variety of our mutual customers’ short- and longer-term mobility requirements,” said Ingenlath in a joint press release Monday. “For many of them it may be the first time they have driven an EV, and it will be a Polestar.”

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