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: Hertz to order nearly 200,000 GM EVs for its rental fleet

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Hertz Global Holdings Inc. said Tuesday it was working on a “major expansion” of its fleet of electric cars and ordering 175,000 EVs from General Motors Co.

The plan is to order several of GM’s
GM,
-4.90%

models including luxury Cadillacs, midsize SUVs and others, with the first Chevy Bolts expected to arrive at Hertz’s locations early next year, the rental-car company said.

Don’t miss: Are you ready to switch to an EV? Here’s why you may find yourself priced out of the market

Hertz
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will take delivery of the GM EVs through 2027, it said.

GM has set ambitious goals for its EV line up, and expects to open battery-cell plants in Ohio, Tennessee and Michigan in the coming years.

See also: Ford stock drops more than 4% as supply costs to jump by $1 billion, parts shortages to leave more cars unfinished

The auto maker in 2020 vowed to invest more in EVs than in gas-powered vehicles for the first time in its history.

Shares of GM have dropped about 33% so far this year, while Hertz shares are down 27% in the same period. That compares with losses of around 19% for the S&P 500 index.
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