General Motors Company (NYSE: GM) and Hertz Global Holdings Inc (NASDAQ: HTZ) have entered into an agreement through which the former will sell up to 175,000 electric vehicles (EV) to the latter over the next five years.
The EVs include Chevrolet, Buick, GMC, Cadillac, and BrightDrop.
Over the agreement period, Hertz estimates that its customers could travel more than 8 billion miles in these EVs, saving approximately 3.5 million metric tons of carbon dioxide equivalent emissions compared to similar gasoline-powered vehicles traveling such a distance.
Hertz expects to begin taking delivery of Chevrolet Bolt EVs and Bolt EUVs in the first quarter of 2023.
Hertz aims to turn one-quarter of its fleet into electric by the end of 2024.
"Our work with Hertz is a huge step forward for emissions reduction and EV adoption that will help create thousands of new EV customers for GM," said General Motors CEO Mary Barra.
Price Action: GM shares are trading lower by 5.34% at $39.18 on the last check Tuesday.
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