The segment of electric vehicles has been growing exponentially in recent years. From a concept, Electric Vehicles are now definitively the future of the automobile segment. We’re seeing big traditional companies moving onto the segment, and interesting partnerships to boost the EV concept. Today, Rental car firm Hertz Global Holdings has just announced that it will buy up to 65,000 electric vehicles over five years from the Swedish Ev maker Polestar. The company’s master plan is to build an entire portfolio of zero-emission vehicles.
As per Hertz, Polestar cars will be available at the beginning of Spring in Europe. North America and Australia will also see the vehicles towards the end of 2022. According to the announcement, the company will initially order a Polestar 2 sedan. Due to the announcement, the Hertz shares were up 1.75 percent in premarket trading this Monday. Worth noting, this is the second major announcement made by Hertz to boost its EV capabilities.
Polestar wants to accelerate the move to electric mobility with a fascinating and innovative product portfolio,” – Polestar CEO Thomas Ingenlath. “It’s delightful to see 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.”
To recall, in October 2021, the company announced its order to purchase around 100,000 electric cars from Tesla Inc. These orders were to include primarily the EV maker’s Model 3. Back in March, Hertz has added Tesla’s mid-size SUV Model Y to its electric vehicle fleet, according to the car rental firm’s website. This is an interesting partnership, after all, Polestar originates from China. It was founded by China’s Geely and Volvo Cars.
Polestar’s headquarters are in Gothenburg, Sweden. Its vehicles are currently available and on the road in markets across Europe, North America, and the Asia Pacific. However, the company plans to expand its reach to 30 markets. Similarly, there are facilities in China manufacturing the vehicles, however, the plan is to expand manufacturing to the United State. The Hertz Corporation is one of the largest worldwide vehicle rental companies, and the Hertz brand is one of the most recognized globally.
We are curious to see how will be the benefits of this partnership in the future. However, we can already see how the EV segment is settling trends for the future. As a result, we can say that we are on the final days of gas-emitting vehicles. Despite the seeming dominance of companies like Tesla in the “innovation regard”, we can see traditional companies coming.