Hertz Buys 65,000 EVs from Polestar

June 14, 2022

Hertz Global to Purchase 65,000 Polestar Electric Vehicles

Rental car giant Hertz Global Holdings recently announced that it will buy up to 65,000 electric vehicles over five years from Swedish EV maker Polestar, the latest move by the rental car firm to add zero-emission models.

Hertz said Polestar cars would be available beginning this spring in Europe and later in 2022 in North America and Australia. The Florida-based rental car company said that it would initially order the Polestar 2 five-door sedan which has up to 408 horsepower and a range of up to 280 miles between charges. The Polestar 2’s MSRP starts at $38,400.

The announcement sent Hertz stock soaring. Back in October, Hertz also announced its order to purchase 100,000 Tesla Model 3 EVs. In March, the rental car company added Tesla’s mid-size SUV Model Y to its electric vehicle fleet.

Polestar, which was founded by China's Geely and Volvo Cars, is set to merge with special purpose acquisition company Gores Guggenheim Inc sometime this year and go public. Polestar PR states that the company is, “a design-focused electric performance car brand, harnessing refined performance and cutting-edge technology.” Polestar is headquartered in Torslanda near Gothenburg, Sweden with vehicle production taking place in China.

The Hertz partnership “will bring the amazing experience of driving an electric car to a wider audience, satisfying a broad variety of our mutual customers’ short- and longer-term mobility requirements,” Polestar CEO Thomas Ingenlath said in a statement.