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Hertz wants to dominate the electric rental market. Hertz already partnered with Tesla to purchase 100,000 vehicles, and it’s now adding 65,000 Polestar EVs as well. Polestar was founded by Volvo and is based in Sweden. The new partnership highlights the pivot rental car companies made to serve the fast-growing electric mobility market. Automakers like Polestar like the idea of getting more drivers to experience electric vehicles, a try-it, and buy-it type approach. But there’s a lot more at stake here. Beyond renting vehicles, Hertz plans to serve Uber and the larger shared mobility market with its fleet of EVs. ‪@Uber‬ drivers and consumers want electric ride options. And the company also wants to position itself to serve corporations that have ESG objectives and want their travelers in low-emission cars.

The 65,00 ‪@PolestarCars‬ vehicles will join the Hertz fleet over the next 5 years. Hertz CEO Stephen Scherr said they will also be a large player in the charging station market. The US government has set aside $7.5 billion dollars to build out charging infrastructure, and they want a piece of that. Charging stations will be much more widespread than today’s gas stations. Since charging a vehicle takes about 30-40 minutes, many retailers will want to have charging available directly outside their stores to capture consumers. But perhaps the biggest question on people’s minds is, “Do I have to fully recharge that electric vehicle before I return it, similar to filling it up with gas?” Hertz's CEO says they are asking people to bring back the car at least 80% charged. But he added, that based on today’s travel patterns, about 50% of customers will not need to recharge at all. Good news and more upside for the electric evolution!

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