Why Hertz, Uber Are About To Flood Europe With Tesla And Polestar EVs
In 2021, Hertz Global Holdings Inc (NASDAQ:HTZ) was in the midst of a nationwide rollout of Tesla Inc (NASDAQ:TSLA) vehicles in the U.S. for its car rental program.
What Happened: With lower maintenance and fueling costs, Hertz saw an opportunity to expand its rental fleet while potentially increasing profit per vehicle.
Hertz then partnered with Uber for a program in which drivers could pay a monthly fee to use the electric vehicles for their ride-share business.
As shared by Electrek, Hertz and Uber want to expand their European fleet with more electric vehicles — and not just Teslas.
Up to 25,000 electric vehicles will be available to Uber drivers in Europe by 2025, and while the exact mix wasn't shared, options include electric vehicles from Tesla and Polestar (NASDAQ:PSNYW). Polestar is a Swedish electric vehicle company that is aiming to deliver 80,000 vehicles in 2023.
Why It Matters: This deal should bring many more electric options to Europe's ride-sharing network.
In the U.S., Hertz said nearly 50,000 Uber drivers have rented a Tesla through its ride-sharing program, totaling more than 24 million electric miles.
Photo: Courtesy of Tesla