Hertz Increases Its Fleet With Acquisition of 65,000 Polestar EVs

Hertz rental car
Jonathan Weiss / Shutterstock.com

Swedish electric vehicle company Polestar — founded by Volvo and Zhejiang Geely Holding — announced Hertz will buy 65,000 of its electric vehicles (EVs) over five years. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia, the company said in a press release.

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

Last October, Hertz announced it had acquired 100,000 Teslas in what represents the largest electric vehicle fleet in North America and one of the largest in the world. At the time, Hertz said that the order of EVs would represent over 20% of the Hertz global fleet.

Polestar announced in January that it delivered on its global sales target of 29,000 vehicles in 2021, representing year-on-year growth exceeding 185%.

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In 2021, Polestar also announced its plans to launch three new cars over the next three years. The first of these, Polestar 3, a premium electric performance SUV, is expected to launch in 2022, the company said in the release. In addition, the company intends to manufacture Polestar 3 in both China and the U.S.

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Polestar also intends to list on the Nasdaq in a proposed business combination with Gores Guggenheim, which is expected to close in the first half of 2022, according to an investor relations announcement on its website.

As for Hertz, the acquisition news comes on the heels of some negative press, in which Senators Elizabeth Warren and Richard Blumenthal are asking for further scrutiny into the rental car company following reports of the business inciting false arrests for car thefts.

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About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.
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