GM Inks Deal to Supply 175,000 EVs to Hertz Global

General Motors has entered into a deal that will see the Detroit-based automaker deliver hundreds of thousands of electric vehicles to rental car giant Hertz Global over the next half-decade. The automaker announced that it would begin supplying EV models such as the Chevrolet Bolt EUV and Bolt EV to Hertz beginning in early 2023.

Both companies announced last week that General Motors will sell up to 175,000 electric cars to the rental car giant, with delivery expected to begin in the first quarter of 2023. The Chevrolet Bolt EVs will be followed by EV models such as the Chevrolet Equinox and the Chevrolet Blazer, which feature Ultium’s revolutionary battery technology.

Like most American automakers, General Motors is expected to ramp up electric vehicle production over the decade. The United States, along with several other countries in the world, is looking to cut emissions from transportation by replacing conventional internal combustion engine (ICE) vehicles with low- and zero-emission electric cars. Automakers across the globe have committed to investing billions into developing new electric vehicles for the nascent but swiftly growing market.

General Motors’ plans are ambitious. The automaker plans on achieving a production capacity of a million electric cars in both the North American and Chinese markets by 2025. It is the latest carmaker to announce a partnership with Hertz, with the car rental company already securing partnerships with Tesla and Volvo-backed EV startup Polestar. However, compared to GM’s expected delivery of up to 175,000 units, Tesla and Polestar will deliver 100,000 and 65,000 electric cars respectively to Hertz.

GM CEO Mary Barra says the deal with Hertz Global is a significant step forward in efforts to reduce carbon emissions and it will help the automaker attract thousands of new customers. A press release from GM estimated that Hertz could save around 3.5 million metric tons of carbon emissions once it deploys the automaker’s electric cars. Hertz CEO Stephen Scherr said the rental giant was thrilled to partner with General Motors and that the partnership between the two companies would help to “redefine the future of mobility in the 21st century.”

Hertz has made a remarkable comeback after it was forced to declare bankruptcy less than a year ago due to the coronavirus pandemic. The company emerged from bankruptcy keen on expanding its electric vehicle fleet and has since partnered with electric vehicle companies Tesla, Polestar and now General Motors. Although both GM and Hertz did not release the financial details of their new deal, GM North America president Steve Carlisle says the Detroit-based automaker will sell the electric cars around “retail margin.”

As these car rental firms embrace EVs, electric vehicles will be normalized on U.S. roads, and ordinary motorists may find it easier to make the switch and acquire their own EVs from the variety of manufacturers available on the market, such as Workhorse Group Inc. (NASDAQ: WKHS).

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