Hertz signs deal to purchase up to 65,000 vehicles from EV start-up Polestar.

• Over the next five years, Hertz will receive up to 65,000 electric vehicles from Polestar for rental purposes.
• In North America, Hertz aims to create the largest rental EV fleet.
• Polestar's deal involves introducing its electric vehicles to potential customers.

Hertz Global will receive up to 65,000 electric vehicles from Polestar over the next five years, as announced Monday morning.

This spring, Hertz will start offering fully electric Polestar 2s through its European network, and by the end of 2022, it will also be available in North America and Australia.

The CEO of Polestar stated that the deal is advantageous for the EV start-up due to reasons beyond just the revenue generated from sales.

Thomas Ingenlath, CEO of Polestar, stated that the partnership with Hertz will provide a wider audience with the opportunity to experience driving an electric car for the first time.

Polestar sold 29,000 vehicles last year and anticipates reaching 290,000 vehicles per year by 2025.

Hertz's deal is a crucial move in its strategy to become the largest EV rental fleet operator in North America and among the top globally.

Polestar, a joint venture between Volvo Cars and its parent company, a Chinese automaker, was established in 2017. The company intends to go public by the end of the second quarter through a merger with a special purpose acquisition company.