Hertz to purchase up to 65,000 electric vehicles from Polestar over five years.
ESTERO, FLORIDA, and GOTHENBURG, SWEDEN, April 4, 2022 – Hertz (NYSE: HTZ) and Polestar, a Swedish premium electric performance car manufacturer, launched a new global cooperation today that involves the purchase of up to 65,000 electric cars (EVs) over the next five years. In Europe, availability is planned to begin in Spring 2022, followed by North America and Australia in late 2022.
The collaboration is part of Hertz’s continuous commitment to being a leader in electrification, shared mobility, and a digital-first customer experience. Hertz said in October that it would provide its customers with the largest electric vehicle rental fleet in North America, and one of the largest in the world, through cooperation with Polestar. In addition to making the fleet available to its business and leisure customers, Hertz is extending EVs to rideshare drivers as a way to further accelerate electrification.
“We are excited to partner with Polestar and look forward to introducing their premium EV products into our retail and rideshare fleets,” said Stephen Scherr, Hertz CEO. “Today’s partnership with Polestar further builds on our ambition to become a leading participant in the modern mobility ecosystem and doing so as an environmentally-forward company. By working with EV industry leaders like Polestar, we can help accelerate the adoption of electrification while providing renters, corporate customers, and rideshare partners a premium EV product, exceptional experience, and lower carbon footprint.”
Polestar is one of the drivers of global EV growth, helping to accelerate the shift to sustainable mobility as consumer interest in the environmental and convenience benefits of electrification increases. Polestar reported that it nearly tripled volumes in 2021 and anticipates more than doubling volumes again this year. Polestar expects volumes to reach 290,000 vehicles per year by the end of 2025. Polestar previously announced its intention to list on Nasdaq New York in a proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), which is expected to close in the second quarter of 2022.
“Polestar is committed to accelerating the move to electric mobility with a fascinating and innovative product portfolio,” said Polestar CEO Thomas Ingenlath. “We are delighted that Hertz has chosen Polestar as a strategic partner on their road to electrification. The partnership with a global pioneer like Hertz 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. For many of them, it may be the first time they have driven an EV, and it will be a Polestar.”
Polestar 2, an award-winning EV that established Polestar’s standing as a luxury EV manufacturer with its first volume model, will be ordered first by Hertz. Polestar 2 combines cutting-edge Scandinavian design with cutting-edge in-car technology. Polestar 2 features the world’s first infotainment system for the luxury EV segment, powered by Android Automotive OS with Google built-in, in a driver-oriented, dynamic driving package.
Polestar is based in Gothenburg, Sweden, and its vehicles are currently available for purchase in Europe, North America, China, and Asia Pacific. By 2023, the business expects its vehicles to be available in a total of 30 markets. Polestar automobiles are now produced in two locations in China, with more production in the United States planned in the future. Polestar declared its plan to list on the Nasdaq in September 2021 as part of a business combination agreement with Gores Guggenheim, Inc.