Hertz and Polestar Announce Partnership in Electric Vehicle Industry

ESTERO, Fla. and GOTHENBURG, Sweden, April 4, 2022 /PRNewswire/ — Hertz (NASDAQ: HTZ) and Polestar, the Swedish premium electric performance car maker, today announced a new global partnership that includes purchasing up to 65,000 electric vehicles (EVs) over five years. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia.

Hertz and Polestar Announce Global Strategic Partnership to Accelerate 
Electric Vehicle Adoption

For Hertz, the partnership is part of the company’s ongoing commitment to lead in electrification. That’s in addition to shared mobility and a digital-first customer experience. The partnership with Polestar builds on Hertz’s announcement last October. They want to offer their customers the largest EV rental fleet in North America. Not to mention, one of the largest in the world. The fleet will be available to its business and leisure customers. In addition, Hertz is extending EVs to rideshare drivers as a way to further accelerate electrification.

“We are excited to partner with Polestar and look forward to introducing their premium EV products into our retail and rideshare fleets,” said Stephen Scherr, Hertz CEO. “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.”

Polestar and the EV Industry

Polestar is one of the drivers of global EV growth. Moreover, the brand is helping to accelerate the shift to sustainable mobility. That’s as consumer interest in the environmental and convenience benefits of electrification increases. The automotive brand reported that it nearly tripled volumes in 2021 and anticipates more than doubling volumes again this year. The car manufacturer expects volumes to reach 290,000 vehicles per year by the end of 2025. They previously announced its intention to list on Nasdaq New York in a proposed business combination with Gores Guggenheim, Inc.

“Polestar is committed to accelerating the move to electric mobility with a fascinating and innovative product portfolio,” said Polestar CEO Thomas Ingenlath. “We are delighted 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.”

CEO of Polestar Thomas Ingenlath
CEO of Polestar Thomas Ingenlath

Hertz will initially order Polestar 2, an award-winning EV. It established Polestar’s position as a premium EV manufacturer with its first volume model. Polestar 2 brings avant-garde Scandinavian design and leading in-car technology. Polestar 2 includes the world’s first infotainment system powered by Android Automotive OS. Not to mention, Google built in for the premium EV segment, in a driver-oriented, dynamic driving package.