Hertz to buy some 175,000 GM EVs through 2027

US rental car giant Hertz will buy up to 175,000 electric vehicles from General Motors by the end of 2027, the companies announced Tuesday, as the auto industry grapples with concerns over climate change and petroleum dependency.

First deliveries, which will consist of BOLT EVs and EUVs, should take place in the first quarter of 2023, according to the joint statement.

Subsequent purchases will depend on how fast General Motors (GM) ramps up production of electric vehicles. The automaker says it plans to manufacture one million a year in North America by 2025.

Hertz will be able to select from GM's Chevrolet, Buick, GMC, Cadillac and BrightDrop EV brands, according to the press release.

"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," GM CEO Mary Barra said.

Hertz, which is aiming for one-quarter of its fleet to be comprised of electric vehicles by 2024, has already signed agreements for 100,000 Teslas and 65,000 Polestars, an electric car firm controlled by Sweden's Volvo and its Chinese owner Geely.

While gasoline-powered cars still dominate US roads, auto giants are unveiling more and more EVs as they pump billions of dollars in investment in a bid to wrest control of a growing market from Tesla and newer upstarts.

In addition to its agreement with Hertz, GM announced Tuesday it has entered into a partnership with the Environmental Defense Fund to ensure that at least 50 percent of its new vehicles sold by 2030 are zero emitting.

The end goal is to eliminate all tailpipe emissions from passenger vehicles sold by GM by 2035, Barra said.

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GENERAL MOTORS

HERTZ GLOBAL HOLDINGS

TESLA MOTORS

VOLVO AB

GEELY AUTOMOBILE HOLDINGS

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