Hertz Will Offer Coda Electric Vehicles for California Rental

Rental car company Hertz Corporation (NYSE: HTZ), today announced a joint partnership with Coda Automotive, a company that will begin selling electric sedans in the U.S. in 2011.

Under the partnership, Hertz will begin offering Coda’s vehicles for rent at California locations.

In September, Hertz announced its Global EV plan, which aims to make the company the first to provide a range of all-electric vehicles and charging stations on a rental and car-sharing basis at global scale.

The Coda Sedan will join vehicles from Nissan and other manufacturers as part of Hertz Global EV’s fleet.

"The 100% electric Coda was designed to meet the needs of most Americans with dependable, all-season range, and fast, convenient charging," said Mark Jamieson, CFO & COO, Coda Automotive. "With one of the world’s largest rental car fleets, Hertz is uniquely positioned to catalyze the adoption of all-electric vehicles and infrastructure supporting electric mobility."

Coda says after its vehicle has been driven 100,000 miles or more, the average CO2 savings will be 21.8 tons, relative to a 25 MPG internal combustion engine vehicle. Based on an average of $.11 per kWh of electricity nationwide, the CODA costs approximately $3.50 to fully charge–enough for a driving range of 90 to 120 miles.

A full charge requires about six hours to complete, and enough energy for a short, 40-mile commute will take on average two hours.

The Coda sedan will go on sale for $44,900 before federal and state incentives–$32,400 after incentives.

Headquartered in Santa Monica, Calif., Coda Automotive is importing the electric vehicles from China, where the company has an exclusive battery system joint venture with Lishen Power Battery and LIO Energy Systems.

In May 2010, Coda said it wants to build an automotive-grade lithium ion battery system manufacturing facility in Ohio.

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