Rental car company Hertz Global Holdings plans to order up to 175,000 General Motors Co. electric vehicles over the next five years, its latest move toward zero-emission models.
The multi-billion dollar, multi-year deal could be the first of many GM agreements to supply electric vehicles to rental car companies, said Steve Carlisle, the automaker’s North American operations chief, on a conference call.
“It’s an enormous first step,” Carlisle said, adding that GM is in talks about similar deals with other rental car companies.
GM shares fell more than 5 percent Tuesday afternoon following rival Ford Motor Co.’s warning late Monday that supply chain costs were $1 billion higher than expected in the third quarter. Ford shares were down more than 11 percent….