GM

Hertz makes mega deal to acquire 175,000 electrified vehicles from GM

The world's largest car rental company, Hertz, announced a first-of-its-kind agreement for the purchase of electric vehicles from a single automaker. In 2021, Hertz agreed with Tesla to supply 100,000 Model 3 cars, and this year it added the Model Y. The new deal with GM turned out to be almost 2 times larger - in 5 years, the automaker will supply Hertz with 175,000 vehicles. electric cars from five controlled brands - Chevrolet, Buick, GMC, Cadillac and BrightDrop.

The Hertz-GM agreement covers a wide range of vehicle categories and prices, from compact and mid-size SUVs to pickup trucks, luxury models and vans.

Deliveries will begin with the Chevrolet Bolt EV and Bolt EUV, which will arrive in Hertz parking lots as early as the first quarter of 2023. After that, the company will begin systematically taking delivery of various GM car brands, including BrightDrop electric vans. But the bulk of the order is expected to come from just two flagship models - the new Equinox EV and the Blazer EV, according to The Verge.

The companies do not disclose the financial terms of the deal, as well as the supply structure. It is difficult to determine the contract price based on the cost of the cars at retail due to a significant price difference - if the Chevy Bolt EV costs less than $30,000 with all the benefits, the GMC Hummer EV sells at a price of more of $108,000.

GM vehicle deliveries will continue through 2027, after which Hertz estimates its customers will be able to drive more than 13 billion kilometers in these electric vehicles, “saving approximately 1.8 million metric tons of carbon dioxide emissions compared to similar gasoline-powered vehicles. "overcoming that distance.

Hertz is looking to build the largest fleet of electric vehicles in North America, and the process is underway, with tens of thousands of Tesla vehicles already available for rent from the company at 500 locations. Hertz also leases tens of thousands of Tesla vehicles to Uber drivers.

This is the third major agreement between Hertz and automakers for the purchase of electric vehicles – apart from Tesla, in April this year, the company announced its intention to buy up to 65,000 electric cars from Polestar in five years.

Hertz is currently planning to electrify nearly all of its cars and vans, with a fleet of over 500,000 vehicles. The company's current goal is to have at least a quarter of its fleet electric by the end of 2024.

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