In 2022, Hertz said it planned on purchasing 65,000 battery-powered Polestars in a bid to become a global leader in EVs.
But a little more than a year later, Hertz had a change of heart, mostly because its acquired EVs had lost most of their value.
It’s a disappointing turn for Hertz, which had previously set a target for 25 percent of its fleet to be electric by the end of 2024. Last month, Hertz said it would sell 20,000 Teslas, or roughly one-third of its electric fleet. And now its deal with Polestar has been put on pause.