EV startup Polyester Hertz has signed a deal to supply up to 65,000 cars

Swedish EV startup Polyester will supply 65,000 cars to Hertz in five years, the two companies announced on April 4, 2022.

Swedish electric vehicle maker Polyester will supply up to 65,000 vehicles to car-rental giant Hertz Global over the next five years, the two companies announced Monday morning.

Hertz will begin offering fully electric polyester 2s through its network in Europe and North America and Australia this spring before the end of 2022.

The CEO of Polyester says the deal is a boon for EV startups because it goes beyond sales revenue.

“Partnership [with Hertz] Thomas Ingenlath, CEO of Polyester, says Hertz will bring a wonderful experience of driving an electric car to a wide audience of customers. “For many of them, this may be the first time an EV has been run and it will be a polyester.”

Polyester sold 29,000 cars last year. The company expects to reach 290,000 car sales per year by the end of 2025.

For Hertz, the deal is a major step in plans to build the largest fleet of rental EVs in North America and one of the largest fleets in the world.

Polyester was formed in 2017 as a joint venture between Volvo Car and its corporate parent, Chinese automaker Jelly. The company plans to go public by the end of the second quarter by merging with special-purpose acquisition company Gores Guggenheim.

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