May 26, 2022

Hertz has agreed to buy up to 65,000 Polestar electric vehicles over five years, a deal that will help the electric car rental giant electrify its fleet and give the electric car automaker access to a wider market, including corporate customers and motorists.

Hertz, which went through a restructuring after filing for bankruptcy protection in May 2020, is looking to offer more electric vehicles in its global rental fleet for both consumer and corporate fleets and navigators.

Hertz’s goal for electric vehicles began in October when it announced plans to purchase 100,000 Tesla vehicles for $4.2 billion. Hertz also announced plans to install thousands of chargers across its network to support the spread of electric vehicles. Shortly after the announcement, Uber said it would rent out half of that order to its drivers.

Hertz does not want to disclose how many Tesla vehicles it currently has in its fleet. A Hertz spokesperson said the company is “actively taking bookings and integrating them into our retail and rideshare fleets.”

The agreement with Polestar reflects the car rental giant’s intention to add a bit of variety to its electric vehicle fleet – at least at a higher price. Tesla and Polestar are considered premium automakers with vehicles over $40,000.

First, Hertz will buy the Polestar 2 EV. The company did not say if the Polestar 3 all-electric SUV, shared with Volvo Cars at the Ridgeville, South Carolina facility, will also be added to the Hertz fleet. Production of the Polestar 3 is expected to begin worldwide in 2022.

Hertz says Polestar vehicles will be first in European fleet this spring and in North America and Australia by the end of 2022.

Electric vehicle manufacturer Polestar, developed by Geely Holdings-owned Volvo Cars, has released the Polestar 1, a limited-edition hybrid SUV. But it was the Polestar 2, a sports sedan that comes in two- and one-engine versions. What helped the company to get followers.

Polestar plans to become a public company on the Nasdaq stock exchange through a merger with specialty firm to acquire Gores Guggenheim. The merger is expected to be completed in the second quarter of 2022.

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