• Hertz created a new entity, “Oro Mobility,” which will offer both driverless and driver-led fleet management solutions.
• Oro will support Uber’s robotaxi program with Lucid cars and will be responsible for daily charging, maintenance, and repairs of the autonomous vehicle fleet.
• Oro will provide fleet services on Uber's platform with “high-quality, well‑maintained” cars operated by Oro‑employed drivers.

Shares of rental car company Hertz Global Holdings, Inc. (HTZ) took off on Thursday and are on track for their best day in nearly six months after the company disclosed a significant partnership with longtime collaborator Uber Technologies, Inc. (UBER).

The financial terms of the latest partnership were not disclosed.

The companies have been working together for at least a decade, but their most notable partnership before today’s announcement was from 2021, when they helped accelerate the adoption of electric vehicles in the U.S., making up to 50,000 Teslas available for drivers to rent through the ride-hailing company’s network.

At the time of writing, HTZ shares were up more than 19%, while UBER shares were down a little over 1%.

Enter ‘Oro Mobility’

To facilitate their latest partnership, Hertz created a new entity, “Oro Mobility,” which will offer both driverless and driver-led fleet management solutions, and the duo will even explore expansion opportunities in 2027.

“As the industry transitions from personally owned vehicles to commercially operated driver-led and autonomous fleets, Oro aims to fill a critical orchestration and operations gap,” the companies said in a joint statement.

Oro To Support Uber’s Robotaxi Program

One part of the partnership involves Oro supporting Uber’s robotaxi program with Lucid cars and being responsible for daily charging, maintenance, and repairs of the autonomous vehicle fleet, among other things. This is expected to launch in the San Francisco Bay Area later this year, the companies said.

The other part of the partnership will require Oro to provide fleet services on Uber's platform with “high-quality, well‑maintained” cars operated by Oro‑employed drivers.

“The model better enables Uber to meet increasing rider demand with a seamless customer experience, while demonstrating Hertz’s ability to deliver turnkey fleet solutions at scale,” the companies said.

Oro on Uber is currently available in Los Angeles and San Francisco, with Northern New Jersey expected to launch this spring.

How Did Retail Traders React? 

On Stocktwits, retail sentiment about HTZ turned ‘bullish’ from ‘bearish,’ while it remained ‘neutral’ on UBER over the last 24 hours.

HTZ has outperformed the benchmark S&P index so far this year.

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