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
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.
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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.
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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.