Car rental giant Hertz has paused the purchase of electric vehicles from manufacturer Polestar as the resale value of the EVs has plummeted, Polestar’s chief executive officer Thomas Ingenlath told the Financial Times on Monday.
Hertz, which was an early mover in buying EVs to rent to customers, signed in April 2022 an agreement with Polestar to buy 65,000 cars over five years. Polestar began delivering the first EVs to Hertz in June 2022. Hertz was initially receiving Polestar 2, which has established Polestar’s position as a premium EV manufacturer, the company said at the time.
However, Hertz and other car rental companies have recently started to sell the EVs they had previously purchased due to weaker customer demand for EV rentals.
Hertz, which was an early mover in buying EVs to rent to customers, signed in April 2022 an agreement with Polestar to buy 65,000 cars over five years. Polestar began delivering the first EVs to Hertz in June 2022. Hertz was initially receiving Polestar 2, which has established Polestar’s position as a premium EV manufacturer, the company said at the time.
However, Hertz and other car rental companies have recently started to sell the EVs they had previously purchased due to weaker customer demand for EV rentals.
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