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Dan Mihalascu

Hertz Signs Deal To Buy 65,000 Polestar EVs For Its Fleet

After ordering 100,000 Teslas last year, rental car giant Hertz has signed another major electric vehicle purchase agreement with Polestar.

The US company has pledged to buy up to 65,000 Polestar electric vehicles over five years, with the first of these vehicles to be available for rent in spring 2022 in Europe and late 2022 in North America and Australia.

Hertz says the partnership is part of its ongoing commitment to lead in electrification, shared mobility and a digital-first customer experience. The deal with Polestar also builds on Hertz's announcement last October to offer its customers the largest EV rental fleet in North America and one of the largest in the world.

While its EV fleet will be made available to business and leisure customers, Hertz is also extending EVs to rideshare drivers as a way to further accelerate electrification.

Gallery: Hertz-Polestar Partnership

"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."

Stephen Scherr, Hertz CEO

Hertz will initially order Polestar 2 EVs, but did not say if the entire order of 65,000 vehicles will also include other upcoming models from the Swedish brand, which plans to launch the Porsche Cayenne-sized Polestar 3 SUV this year, Polestar 4 compact SUV coupe in 2023, and Polestar 5 flagship sedan in 2024.

The Volvo Car Group subsidiary nearly tripled volumes in 2021 and anticipates more than doubling volumes again this year. The company expects to reach 290,000 vehicles per year by the end of 2025. 

According to Automotive News, the five-year global deal should represent more than $3 billion of potential revenue for the EV startup. Beyond the financial aspect, the deal will also give Polestar, a relatively unknown brand, increased visibility.

"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 CEO Thomas Ingenlath

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