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Hertz plans to order up to 175,000 EVs from GM over the next five years

Yahoo Finance Live looks at Hertz's stock as the rental car business pushes for EV adoption in a new partnership with General Motors.

Video Transcript

- Let's talk about Hertz is planning to order up to 175,000 electric vehicles from GM over the next five years with plans to offer Chevrolet, Buick, GMC, and Cadillac models. Now the rental giant will start offering the EVs in the first quarter of next year, including the Chevy Bolt and Bolt EUV. Now the deal is similar to others that Hertz has made in the past, including those reached with Tesla and Polestar.

GM CEO Mary Barra saying in a statement, quote, "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." Again, taking a look at Hertz's stock, clearly has been under a significant amount of pressure just over the last couple of years since that bankruptcy filing, today trading at 18.14 a share.

Mary Barra, Dave, saying that this will advance EV adoption. I think that as the case. Maybe a lot of people that wouldn't necessarily try EVs, if they rent them, then maybe would be more likely to buy them, although that same exact question remains just in terms of the infrastructure and our ability to transition to EV and how quickly that would look.

- Infrastructure across the entire automobile sector is going to be a question in the months and years ahead. But you said those similar deals to Tesla and Polestar, much bigger though. Polestar's was for 60,000, and Tesla's for 100,000, 100 much bigger. And I think that says a lot-- and we've talked about this-- the diversity of products that GV is planning to roll out on the EV space, far blowing away what the offerings are from Tesla or from Polestar, who plans to have a million produced EVs GM by 2025 in both the US and China. So they're really making that switch.