The Clap
GM (NYSE: GM) will sell up to 175,000 EVs to Hertz (NASDAQ: HTZ) over the next 5 years.
The Deets
GM will begin supplying Hertz with EVs in Q1 2023, with Hertz aiming to have a fleet of EVs by the end of 2024.
GM wants to increase its efforts in the production of EVs, with its goal being to reach a production capacity of 1 million EVs by 2025.
Why this Matters
GM is following in the footsteps of Tesla (NASDAQ: TSLA) and Polestar (NASDAQ: PSNYW), who also struck an agreement with Hertz to provide EVs.
What Now
The increased sales of EVs to Hertz are a strong indicator that battery-powered vehicles are becoming increasingly popular among consumers.