Hertz and CODA Automotive Make All-Electric Transportation a Reality for Consumers

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Nov 22, 2010, 07:00 ET

SANTA MONICA, Calif., Nov. 22, 2010 /PRNewswire/ -- CODA Automotive, a California-based electric car and battery company, and The Hertz Corporation (NYSE: HTZ), the world's largest general use airport car rental brand, entered into a partnership making 100% all-electric CODA™ Sedans available at select Southern California Hertz® locations.

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"The 100 percent 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."

"Hertz is committed to the widespread use of electric vehicles globally and we are laying the foundation to make electric vehicle mobility a reality today," commented Mark P. Frissora, Chairman and Chief Executive Officer, The Hertz Corporation. "The CODA Sedan represents an outstanding zero emissions solution, one that will appeal to the needs of our consumers from urban dwellers, travelers and corporations. Companies like CODA Automotive align with our vision to provide tomorrow's driving solutions to consumers today."

Hertz operates the world's largest fleet of general use airport rental cars with access to many different groups of consumers at over 8,300 locations. This access gives Hertz a unique opportunity to introduce the all-electric CODA to a broad group of potential consumers.

The partnership with CODA represents Hertz's commitment to developing a sustainable eco-system for alternative forms of transportation. Hertz is working to leverage the company's rental and car sharing locations as bases for electric vehicles and charging stations in the United States and abroad. Hertz plans to roll out its EV rental program with full-scale deployment in the United States and abroad beginning in 2011.

In addition to reducing carbon and Green House Gas (GHG) emissions sharply, electric vehicles like CODA are cost-effective ways for commercial fleets to reduce and stabilize fixed energy costs. After each CODA Sedan has been driven 100,000 miles or more, consumers will experience an average CO2 savings of 21.8 tons relative to a 25 MPG internal combustion engine vehicle(i). Based on an average of $.11 per kWh of electricity nationwide, the CODA costs approximately $3.50 to charge from depletion – enough for up to a 120 mile drive.

When it becomes available in 2011, the CODA Sedan will represent the first mainstream all-electric car from an all-electric car company. The CODA is designed to meet the day-to-day needs of most Americans, featuring space for five passengers, a full-size trunk and a dependable 90-120 miles of range during any season. CODA's 33.8 kWh battery system with active thermal management will be the largest, most advanced system, with at least 40% more usable energy than any all-electric sedan on the market in 2011. A full charge requires about six hours to complete, and enough energy for a short, 40-mile commute will take on average two hours.

About CODA Automotive: Headquartered in Santa Monica, Calif., CODA Automotive is working to reduce dependence on oil and is leading the way to a cleaner future through multi-use advanced battery systems for its all electric car, other electric vehicle manufacturers and a range of all utility applications such as wind and water power storage. CODA is working in a smart, interdependent way with more than 30 leading global technology and manufacturing companies to quickly and efficiently bring electric power battery technology to market. Through its exclusive battery system joint venture with Lishen Power Battery, LIO Energy Systems, CODA is also a large-scale producer of power battery systems for transportation and utility applications. The CODA™ Sedan is a four-door, five-passenger sedan with a full-size trunk that is designed to meet American drivers' daily transportation needs without using an ounce of gasoline.

For more information, please visit www.codaautomotive.com, follow @CODAautomotive on Twitter at www.twitter.com/CODAautomotive, or visit our Facebook page at www.facebook.com/coda.

About Hertz: Hertz is the largest worldwide airport general use car rental brand operating from more than 8,300 locations in 146 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 81 major airports in Europe, operating both corporate and licensee locations in cities and airports in North America, Europe, Latin America, Asia, Australia and New Zealand. In addition, the Company has licensee locations in cities and airports in Africa and the Middle East. Product and service initiatives such as Hertz #1 Club Gold®, NeverLost® customized, in-car GPS system, SIRIUS® Satellite Radio, and unique cars and SUVs offered through the Company's Prestige, Fun and Green Collections, set Hertz apart from the competition. The Company also operates the Advantage car rental brand at 26 airports in the U.S. and the global car sharing club, Connect by Hertz, in New York City, Berlin, London, Madrid and Paris. And, Hertz operates one of the world's largest equipment rental businesses, Hertz Equipment Rental Corporation, offering a diverse line of equipment, including tools and supplies, and new and used equipment for sale, to customers ranging from major industrial companies to local contractors and consumers from approximately 325 branches in the United States, Canada, China, France, Spain and Italy.