Hertz Global Holdings Inc. said Tuesday it was working on a “major expansion” of its fleet of electric cars and ordering 175,000 EVs from General Motors Co.
The plan is to order several of GM’s
GM,
-4.90%
models including luxury Cadillacs, midsize SUVs and others, with the first Chevy Bolts expected to arrive at Hertz’s locations early next year, the rental-car company said.
Don’t miss: Are you ready to switch to an EV? Here’s why you may find yourself priced out of the market
Hertz
HTZ,
-1.97%
will take delivery of the GM EVs through 2027, it said.
GM has set ambitious goals for its EV line up, and expects to open battery-cell plants in Ohio, Tennessee and Michigan in the coming years.
The auto maker in 2020 vowed to invest more in EVs than in gas-powered vehicles for the first time in its history.
Shares of GM have dropped about 33% so far this year, while Hertz shares are down 27% in the same period. That compares with losses of around 19% for the S&P 500 index.
SPX,
-1.24%
Comments