Hertz (HTZ) rental car company plans to buy 175,000 electric vehicles from Detroit automaker
General Motors (GM) over the next five years.
The deal involves electric vehicle brands such as Chevrolet, Buick, GMC, and Cadillac, among
others. The vehicle models will range from pick-up trucks to luxury sedans, according to the two
companies.
Deliveries of the electric vehicles to Hertz are expected to begin in the first quarter of 2023.
The agreement comes as the automotive industry accelerates its switch to electric vehicles, with
General Motors planning to fully electrify its fleet by the year 2035.
Hertz has previously announced plans to purchase 100,000 electric vehicles from Tesla (TSLA)
as it embraces battery-powered cars, trucks, and SUVs.
Hertz has also announced plans to buy 65,000 electric vehicles from Polestar (PSNYW), the all-
electric automaker controlled by Sweden’s Volvo (VOLV-B).
Hertz stock is down 27% this year and trading at $18.10 U.S. a share. General Motor’s stock is
down 36% year-to-date and changing hands at $39.06 U.S. per share.
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