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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| General Motors Company | NYSE:GM | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.2299 | 0.50% | 45.8499 | 46.165 | 45.41 | 45.60 | 12,153,284 | 01:00:00 |
From Apr 2022 to Apr 2024
By Chris Wack
Hertz Global Holdings Inc. and General Motors Co. said Tuesday they have entered into an agreement in which Hertz plans to order up to 175,000 Chevrolet, Buick, GMC, Cadillac and BrightDrop electric vehicles over the next five years.
Hertz and GM said they 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 include electric vehicle deliveries through 2027 as Hertz increases the EV component of its fleet and GM accelerates production of EVs.
Over this period, Hertz estimates that its customers could travel more than 8 billion miles in these EVs, saving 3.5 million metric tons of carbon dioxide equivalent emissions compared to similar gasoline-powered vehicles traveling such a distance.
The car-rental 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 up 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.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
September 20, 2022 12:40 ET (16:40 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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