- Hertz plans to order up to 175,000 EVs from GM over the next
five years
- Hertz to offer Chevrolet, Buick, GMC, Cadillac and
BrightDrop EVs across multiple vehicle categories
- Deliveries of Chevrolet Bolt EV and Bolt EUV expected to
begin in the first quarter of 2023
ESTERO,
Fla. and DETROIT,
Sept. 20,
2022 /PRNewswire/ -- Hertz (NASDAQ: HTZ) and General
Motors Co. (NYSE: GM) today announced an agreement in which Hertz
plans to order up to 175,000 Chevrolet, Buick, GMC, Cadillac and
BrightDrop EVs over the next five years. Hertz and GM believe this
plan is the largest expansion of EVs among fleet customers and the
broadest because it spans a wide range of vehicle categories and
price points — from compact and midsize SUVs to pickups, luxury
vehicles and more.
The agreement will encompass electric vehicle deliveries through
2027 as Hertz increases the EV component of its fleet and GM
accelerates production of EVs broadly. Over this period, Hertz
estimates that its customers could travel more than 8 billion miles
in these EVs, saving approximately 3.5 million metric tons of
carbon dioxide equivalent emissions compared to similar
gasoline-powered vehicles traveling such a distance.
"It's exciting that two iconic American companies that have
shaped the evolution of transportation for more than a century are
coming together to redefine the future of mobility in the 21st
century," said Stephen Scherr, Hertz
CEO. "We are thrilled to partner with GM on this initiative, which
will dramatically expand our EV offering to Hertz customers,
including leisure and business travelers, rideshare drivers and
corporates."
"Our work with Hertz is a huge step forward for emissions
reduction and EV adoption that will help create thousands of new EV
customers for GM," said GM Chair and CEO Mary Barra. "With the vehicle choice, technology
and driving range we're delivering, I'm confident that each rental
experience will further increase purchase consideration for our
products and drive growth for our company."
Hertz is investing to create the largest rental fleet of EVs in
North America, with tens of
thousands of EVs available for rent at 500 Hertz locations across
38 states. The company's current goal is for one-quarter of its
fleet to be electric by the end of 2024.
Hertz expects to begin taking delivery of Chevrolet Bolt EVs and
Bolt EUVs in the first quarter of next year. GM deliveries to Hertz
are projected to increase as GM rapidly scales its EV production
between 2023 and 2025, driven by the opening of Ultium Cells
battery cell plants in Ohio,
Tennessee and Michigan. GM plans annual production capacity
of 1 million EVs in North America
by 2025.
General Motors (NYSE:GM) is a global company focused
on advancing an all-electric future that is inclusive and
accessible to all. At the heart of this strategy is the Ultium
battery platform, which will power everything from mass-market to
high-performance vehicles. General Motors, its subsidiaries and its
joint venture entities sell vehicles under
the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands.
More information on the company and its subsidiaries,
including OnStar, a global leader in vehicle safety and
security services, can be found
at https://www.gm.com.
The Hertz Corporation, a subsidiary of Hertz Global
Holdings, Inc., operates the Hertz, Dollar and Thrifty vehicle
rental brands throughout North
America, Europe, the
Caribbean, Latin America, Africa, the Middle
East, Asia, Australia and New
Zealand. The Hertz Corporation is one of the largest
worldwide vehicle rental companies, and the Hertz brand is one of
the most recognized globally. Additionally, The Hertz Corporation
operates the Firefly vehicle rental brand and Hertz 24/7 car
sharing business in international markets and sells vehicles
through Hertz Car Sales. For more information about The Hertz
Corporation, visit www.hertz.com.
Cautionary Note Concerning Forward-Looking Statements
(Hertz)
This press release contains "forward-looking
statements" within the meaning of the federal securities laws.
Words such as "future," "plan," "believe," "will," "could,"
"estimate," "project," "commitment," "goal," "expand," "increase,"
and "expect," and similar expressions identify forward-looking
statements, which include but are not limited to statements related
to timing and scope of electric vehicle production and
availability, expansion of Hertz's EV fleet, delivery of EV's, EV
rental volumes, and carbon emission reductions, and any other
statements regarding future expectations, beliefs, plans,
objectives, future events or performance. We caution you that these
statements are not guarantees of future performance and are subject
to numerous evolving risks and uncertainties that we may not be
able to accurately predict or assess, including risks related to
the parties' ability to execute definitive agreements, the
inability to obtain an adequate level of supply of EVs to meet
existing commitments and goals, the inability to build or maintain
sufficient infrastructure to support and charge EV vehicles or to
obtain any needed replacement parts due to malfunction, product
recalls or use over time, risks related to the battery cells on
which EV's depend or the safety of such products, the risk that
demand for EV vehicles by customers may be lower than anticipated,
and macroeconomic factors including inflationary cost pressures,
labor and supply chain constraints, inability to meet emissions
reduction expectations as well as those matters identified in the
risk factors of Hertz's Annual Report on Form 10-K for the year
ended December 31, 2021, as filed
with the Securities and Exchange Commission (the "SEC") on
February 23, 2022 and any updates
thereto in subsequent filings with the SEC including in Hertz's
Quarterly Reports on Form 10-Q. We caution you not to place undue
reliance on our forward-looking statements, which speak only as of
their date, and Hertz undertakes no obligation to update this
information.
Cautionary Note on Forward-Looking Statements (General
Motors): This press release may include
"forward-looking statements" within the meaning of the U.S. federal
securities laws. Forward-looking statements are any statements
other than statements of historical fact. Forward-looking
statements represent our current judgement about possible future
events and are often identified by words such as "aim,"
"anticipate," "appears," "approximately," "believe," "continue,"
"could," "designed," "effect," "estimate," "evaluate," "expect,"
"forecast," "goal," "initiative," "intend," "may," "objective,"
"outlook," "plan," "potential," "priorities," "project," "pursue,"
"seek," "should," "target," "when," "will," "would," or the
negative of any of those words or similar expressions. In making
these statements, we rely upon assumptions and analysis based on
our experience and perception of historical trends, current
conditions, and expected future developments, as well as other
factors we consider appropriate under the circumstances. We believe
these judgements are reasonable, but these statements are not
guarantees of any future events or financial results, and our
actual results may differ materially due to a variety of important
factors, many of which are described in our most recent Annual
Report on Form 10-K and our other filings with the U.S. Securities
and Exchange Commission. We caution readers not to place undue
reliance on forward-looking statements. Forward-looking statements
speak only as of the date they are made, and we undertake no
obligation to update publicly or otherwise revise any
forward-looking statements, whether as a result of new information,
future events, or other factors that affect the subject of these
statements, except where we are expressly required to do so by
law.
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SOURCE General Motors Co.