Hertz car rental firm to buy 65,000 electric vehicles from Polestar


Hertz has signed a deal to buy 65,000 electric vehicles from Swedish carmaker Polestar over the next five years, the companies announced Monday. Photo courtesy Polestar/UPI


April 4 (UPI) -- Hertz has signed a deal to buy 65,000 electric vehicles from Swedish carmaker Polestar over the next five years, the companies announced Monday.

The car rental giant will initially order the Polestar 2 model, the companies said in a joint press release. The cars will be made available as early as this spring in Europe and by the end of the year in North America and Australia.

"We are excited to partner with Polestar and look forward to introducing their premium EV products into our retail and rideshare fleets," said Hertz CEO Stephen Scherr.

"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."

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Polestar, which sold 29,000 cars last year, expects sales to reach 290,000 vehicles per year by the end of 2025, according to the release.

The company was formed by Volvo and Chinese carmaker Greely in 2017, when it unveiled its Polestar 1 hybrid. It was followed by the fully electric Polestar 2 fastback in February 2019.

The company has said its product range will include five electric vehicles by 2024 with three new models to follow Polestar 1 and Polestar 2.

The Polestar 3, which will be made in the United States, will be an electric SUV expected to be released in 2022 and was described by Polestar CEO Thomas Ingenlath as being built "in America for Americans."

Hertz also maintains a significant fleet of Tesla vehicles dedicated to the company's partnership with Uber, the company's executives said in a February earnings call.

Mark Fields, the interim CEO of Hertz Global Holdings who was replaced by Scherr, said in the call that the company is poised to play leading role in the electric vehicle fleet transition.