Car rental firm Hertz Global Holdings Inc (NASDAQ:HTZ) is a leading investor in Europe’s online, all-electric car rental startup Ufodrive.
What Happened: Hertz and investment management company Certares are leading a $19 million Series A funding round in Ufodrive, the latter said in a statement on Tuesday.
Ufodrive offers self-service access to a fleet of electric vehicles through its app, as well as a software-as-a-service platform for fleet management. The service is currently available in the U.K., Ireland, France, Germany and the Netherlands, with plans for overseas expansion.
Why It Matters: Hertz had last year announced it would buy 100,000 Tesla Inc (NASDAQ:TSLA) EVs by the end of 2022. The company had tapped Tampa Bay Buccaneers star Tom Brady to promote the deal.
Hertz’s announcement was seen as a bold move from a company that had only months ago emerged out of bankruptcy and indicated a shift towards electric vehicle adoption.
The announcement at the time sent shares of both companies higher and Tesla stock joined the $1 trillion market capitalization club for the first time in the aftermath.
Hertz further announced a partnership with Uber Technologies Inc (NYSE:UBER) to rent out 50,000 Teslas exclusively to the ride-sharing company's drivers by 2023.
Price Action: Hertz shares closed 3.2% lower at $19.7 a share on Tuesday.
Photo: Courtesy of Steven Damron on Flickr
