Heavily shorted shares of rental-car company Hertz are soaring in premarket trading after the company announced a partnership with Uber Technologies to scale both autonomous robotaxi and driver-led rideshare operations.
Hertz’s Oro Mobility unit will be used as a fleet-management system for Uber’s next-generation mobility network of autonomous robotaxis. This means Oro will support the critical operating layer: charging, maintenance, repairs, cleaning, depot staffing, and vehicle logistics.
"Through its partnerships with Uber, Oro will deliver scalable operational and maintenance services across both autonomous and driver-led operations in key U.S. markets, reflecting the breadth of the companies' collaboration across multiple mobility models," Hertz wrote in a press release.
Oro will support Uber’s autonomous robotaxi program using Lucid vehicles equipped with Nuro AV technology. The new service is expected to launch in the San Francisco Bay Area later this year, with possible expansion next year.
What the Hertz-Uber partnership entails:
Autonomous Robotaxi Fleet Management
Oro will support Uber's autonomous robotaxi program of Lucid vehicles equipped with Nuro AV technology, providing day-to-day vehicle asset management, including charging, maintenance, repairs, cleaning, and depot staffing. Services are expected to launch in the San Francisco Bay Area later this year, as Hertz and Uber explore expansion opportunities in 2027.
Driver-Led Fleet Management
Oro has also partnered with Uber to offer strategic fleet services on the Uber platform, utilizing a fleet of high-quality, well‑maintained vehicles 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. Following a successful pilot in Atlanta last year, Oro is now also active on the Uber platform in Los Angeles and San Francisco, with Northern New Jersey expected to launch this spring.
"This partnership with Uber establishes Oro as an integrated solution that connects demand with scalable fleet management services. Through this work, we're deepening our capabilities across diverse mobility use cases, and positioning Hertz to play a significant role as the industry evolves," Hertz CEO Gil West wrote in a press release.
Andrew Macdonald, President and COO of Uber, stated, "Partnering with Hertz's Oro Mobility will help us continue to bring the best autonomous technology onto the Uber platform and accelerate the transition to a hybrid network in which both driver-led and autonomous rideshare operations can scale and serve communities reliably and efficiently."
The news sent Hertz shares flying in premarket trading, up more than 17%.
Bloomberg data shows Hertz shares are 49% short, equivalent to about 59 million shares. Days to cover stand at around 4.2 days.
Is the squeeze on?