Hertz to order up to 175K GM electric vehicles over 5 years

FILE - In this May 6, 2020, file photo, a Hertz car rental is closed during the coronavirus pandemic in Paramus, N.J. Two investment firms are looking to take at least a controlling stake in rental car company Hertz for up to $4.2 billion and help it emerge from bankruptcy protection. Hertz Global Holdings Inc. said Tuesday, March 2, 2021 that Knighthead Capital Management and Certares Opportunities will have the chance to buy the entire reorganized business, but no less than a majority of its shares. (AP Photo/Ted Shaffrey, File) (Ted Shaffrey, Copyright 2020 The Associated Press. All rights reserved.)

Hertz plans to order up to 175,000 electric vehicles from General Motors over the next five years.

The agreement announced Tuesday includes electric vehicle deliveries through 2027 and will include SUVs, pickups and luxury automobiles from Chevrolet, Buick, GMC, Cadillac and BrightDrop. The companies expect deliveries of the Chevrolet Bolt EV and Bolt EUV will start in the first quarter of next year.

“We are thrilled to partner with GM on this initiative, which will dramatically expand our EV offering to Hertz customers, including leisure and business travelers, rideshare drivers and corporates,” Hertz CEO Stephen Scherr said in a prepared statement.

Hertz's current goal is for one-quarter of its fleet to be electric by the end of 2024.

GM Chair and CEO Mary Barra believes the partnership will help create new electric vehicle customers.

“With the vehicle choice, technology and driving range we’re delivering, I’m confident that each rental experience will further increase purchase consideration for our products and drive growth for our company,” she said.

GM said last year that it plans to go fully electric by 2035.