Hertz (NASDAQ:HTZ) stock is catching the interest of electric vehicle (EV) investors after announcing major plans to update its fleet of rental vehicles.
Over the next five years, Hertz intends to acquire 175,000 General Motors (NYSE:GM) EVs for its fleet. This will have the car rental company adding Chevrolet Bolt EV and Bolt EUV units to its fleets as early as next year. Other EVs from the company will start showing up in the following years.
It’s worth noting that this isn’t the first time that Hertz has signed a deal for EVs. It has similar agreements with both Tesla (NASDAQ:TSLA) and Polestar (NASDAQ:PSNY) as it seeks to switch its fleet over from gas vehicles to EVs.
HTZ Wants Even More EVs for Its Fleet
But there’s more to it than just that. While Hertz has signed other deals before, none have been this big. For example, its agreement with Tesla covers 100,000 EVs while its deal with Polestar includes 65,000 EVs.
These massive EV deals have Hertz working toward its electrification goal. The rental company wants one-fourth of its fleet to be made up of EVs by the time 2024 comes to a close. It seems like that will happen thanks to this latest deal.
HTZ stock is up 1% as of Wednesday afternoon but is down 25.8% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.