Electric vehicle startup Polestar signs contract to supply up to 65,000 vehicles to Hertz

Swedish electric vehicle manufacturer Polestar will deliver up to 65,000 vehicles to car rental giant Hertz Global over the next five years. announced Monday morning.

This spring, Hertz will begin shipping all-electric Polestar 2s through its network in Europe, and by the end of 2022 in North America and Australia.

The Polestar CEO said the deal is a boon for the electric vehicle startup for reasons that go beyond the revenue it will generate from sales.

“Partnership [with Hertz] bring an amazing electric vehicle experience to a wider audience of Hertz customers,” said Polestar CEO Thomas Ingenlath. “For many of them, this may be the first time they get behind the wheel of an electric car, and it will be a Polestar.”

Swedish startup Polestar will deliver up to 65,000 vehicles to Hertz over five years, both companies announced on April 4, 2022.

Polestar sold 29,000 vehicles last year. The company expects sales to reach 290,000 vehicles per year by the end of 2025.

For Hertz, the deal is a significant step forward in terms of building the largest fleet of rental electric vehicles in North America and one of the largest in the world.

Polestar was established in 2017 as a joint venture between Volvo Cars and its parent company, Chinese automaker Geely. The company plans to go public by the end of the second quarter through a merger with specialty acquisition company Gores Guggenheim.

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