Tuesday, May 21, 2024
NewsHertz to Buy 65,000 Polestar Vehicles Over 5 Years for its Rental...

Hertz to Buy 65,000 Polestar Vehicles Over 5 Years for its Rental Fleet

Hertz will add 65,000 Polestar vehicles to its rental fleet over 5 years.

  • Hertz will add Polestar vehicles to its electrified fleet in a deal similar to the one it has with Tesla

  • This order is more than double what the automaker sold globally in 2021

  • The rental company will reportedly buy every unit at “close” to the sticker price

Rental car company Hertz is pushing hard to electrify its fleet around the world and shortly after announcing two large orders of Tesla vehicles, it is doing the same with Polestar.

Late last year, Hertz announced it will be buying 100,000 units of the Tesla Model 3 and just last week, the company revealed it is going to add a large number of the Model Y as well.

Now, Hertz is announcing its intention to buy 65,000 Polestar vehicles to complement its Tesla order.

Neither Hertz or Polestar explicitly said that the targeted vehicle is the Polestar 2, the only model currently offered by the brand, which means the rental company could be targeting some of the brand’s upcoming models.

Indeed, the deal is set over a five-year period, during which the automaker will expand its portfolio with at least 3 models, two of which will be SUVs and the last one being a sports sedan.

Since the deliveries of the first units are expected soon, the Polestar 2 will assuredly be a part of this deal, but it is possible that Hertz will take delivery of other Polestar models as well.

As is the case with Tesla, the rental company is said to be paying the full sticker price, or at least close to it, for every single car it will buy from Polestar. This is due to the current state of the market since rental companies need more vehicles and automakers struggle to keep up with the demand.

This deal could bring the automaker more than $3 billion, which will help it continue the development of its future models and achieve its goal of selling 290,000 vehicles per year in 2025, which is ambitious since the company only delivered 29,000 cars in 2021.


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