Hertz is leading the auto rental push into the EV space with GM.
Here is the nuts and bolts of this agreement.
- Hertz plans to order up to 175,000 EVs from GM over the next five years
- Hertz will offer Chevrolet, Buick, GMC, Cadillac and BrightDrop EVs across multiple vehicle categories
- Deliveries of the Chevrolet Bolt EV and Bolt EUV are expected to begin first quarter 2023
This EV agreement between Hertz and GM makes it one of the largest to date of an EV expansion among fleet customers and the broadest as it covers from compact to Fullsize EVs. Hertz will offer from trucks, SUVs, and cars from basic entry level to luxury and more with the BrightDrop vans.
Hertz has estimated that over the 5-year period, approximately 8 billion miles will be driven in EVs saving approximately 3.5 million metric tons of greenhouse gas emissions.
To quote Stephen Scherr, Hertz CEO: "It's exciting that two iconic American companies that have shaped the evolution of transportation for more than a century are coming together to redefine the future of mobility in the 21st century," "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 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.
GM Chair and CEO Mary Barra has this to say: "Our work with Hertz is a huge step forward for emissions reduction and EV adoption that will help create thousands of new EV customers for GM," "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."
With Hertz taking EV deliveries starting Q1 2023, deliveries will scale as GM rapidly scales EV production across their entire portfolio of products as GM scales to be producing 1 million EVs in North America by the end of 2025 a year.