Hertz and GM plan major EV expansion

DETROIT–General Motors Co. (NYSE: GM) and Hertz (Nasdaq: HTZ) announced an agreement in which Hertz plans to order up to 175,000 Chevrolet, Buick, GMC, Cadillac and BrightDrop EVs over the next five years.

Hertz and GM believe this plan is the largest expansion of EVs among fleet customers and the broadest because it spans a wide range of vehicle categories and price points—from compact and midsize SUVs to pickups, luxury vehicles and more.

The agreement will encompass electric vehicle deliveries through 2027 as Hertz increases the EV component of its fleet and GM accelerates production of EVs. Over this period, Hertz estimates that its customers could travel more than 8 billion miles in these EVs, saving approximately 3.5 million metric tons of carbon dioxide equivalent emissions compared to similar gasoline-powered vehicles traveling such a distance.

Hertz is investing to create the largest rental fleet of EVs in North America, with tens of thousands of EVs available for rent at 500 Hertz locations across 38 states. The company’s current goal is for one-quarter of its fleet to be electric by the end of 2024.

Hertz expects to begin taking delivery of Chevrolet Bolt EVs and Bolt EUVs in the first quarter of next year. GM deliveries to Hertz are projected to increase as GM rapidly scales its EV production between 2023 and 2025, driven by the opening of Ultium Cells battery cell plants in Ohio, Tennessee and Michigan. GM plans annual production capacity of 1 million EVs in North America by 2025.

More at https://www.gm.com or www.hertz.com.

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