The rental car giant is pausing plans to buy 65,000 electric cars from EV pioneer Polestar, according to comments made by Polestar CEO Thomas Ingenlath in an interview with The Financial Times .
Hertz's estimated $3 billion agreement with up-and-coming EV maker Polestar in 2022 was seen as a major moment for electric vehicle adoption.
AdvertisementIt came after Hertz struck a similar deal with Tesla and agreed to buy 100,000 of its EVs in 2021.
However, since then the global EV market has stalled , with demand for electric cars slumping and major automakers rolling back some of their investments .
AdvertisementThe company said in January it plans to sell 20,000 EVs from its fleet , including Teslas, Chevrolet Bolts, and Volvos.
Persons:
Hertz, Thomas Ingenlath, Tesla, Elon, Ingenlath, Stephen Scherr, Polestar, Mary Barra
Organizations:
Financial Times, Polestar, Hertz, Teslas, Chevrolet Bolts, Volvo, Swedish, General Motors, Business