Hertz to help Ufodrive provide enhanced digital rental experience

Hertz will join forces with Uber to allow drivers to rent Tesla vehicles

American car rental company, Hertz Corporation, a subsidiary of Hertz Global Holdings Inc., has jointly infused a total investment worth $19 million in Ufodrive, which is an electric vehicle rental service provider.

The Series A investment round was led by Knighthead Capital Management in collaboration with Certares Opportunities including participation from existing investors.

Less than a year ago, Knighthead and Certares contributed to the $4.2 billion Hertz restructuring initiative.

According to the car rental company, the recently proposed funding to Ufodrive underpins Hertz’ commitment to spearhead the future of mobility.

Notably, Ufodrive is recognised as the first all-digital rental service reserved to electric cars only, which can be controlled with an app, providing services based on a two-minute arrive and drive model.

As for the startup, the recent influx of cash will be used to focus on enhancing product development and boost further expansion.

Reportedly, Hertz also infused a considerable amount in a fleet of Tesla products last year and teamed up with Uber with the objective of making Tesla vehicles available to drivers on a rental basis.

Speaking on the recent deal, Mark Fields, acting CEO of Hertz, mentioned that the company’s partnership with Ufodrive takes Hertz closer to becoming a fundamental component in the modern mobility ecosystem.

The CEO further added that, with Ufodrive’s digital platforms, the company will deploy pathways to make EV renting easier and more convenient for rental experience as well as for digital management. From a customer perspective, the two companies will introduce an all-digital EV-centric experience.

Moreover, Hertz aims on leveraging the start-up’s fleet management and digital rental technology to ramp up its EV fleet operations globally, which will most likely benefit the company’s U.S. and Europe partners first before reaping benefits worldwide.

Source Credit: https://www.phocuswire.com/Hertz-invests-in-Ufodrive-19M-Series-A