Oro Mobility Secures $80 Million Investment as Hertz Retains Majority Ownership
Key Facts
Hertz announced that Oro Mobility had secured an $80 million strategic equity investment, establishing the business as an independent growth platform with dedicated capital for expansion. The company said in a filing with the U.S. Securities and Exchange Commission that the investor group participating in the financing includes Cohen Private Ventures. Hertz described the arrangement as giving Oro the flexibility and strategic focus needed to expand its mobility business, alongside dedicated capital for the operation. Uses of the new funding include expanding the platform's technology capabilities, among the spending priorities the company identified for the strategic investment. The arrangement places Oro's growth financing within an independent platform, under the structure Hertz announced for receiving the equity investment in its subsidiary.
According to the filing, Hertz will retain majority economic ownership in Oro, allowing it to participate in the platform's growth as the funding investors come on board. The company described its position in the ownership structure by saying it would retain "majority economic ownership," while maintaining its operational ties to Oro's business. Hertz will serve as a "fleet and corporate services partner," with its relationship with the platform encompassing support for these two aspects of its operations. Oro operates about 45,000 vehicles across major U.S. mobility markets, according to the scale the company cited when announcing the investment. The announced structure thus combines majority economic ownership retained by Hertz, services it provides to the platform and a fleet Oro operates in the U.S. market as part of its existing business.
In the robotaxi business, Oro supports Uber's program using Lucid vehicles equipped with Nuro's autonomous driving technology, according to Uber's announcement of its partnership with Hertz. Oro handles fleet operational services including vehicle charging, one of the activities listed in the partnership announcement among the platform's responsibilities. Services also include maintenance and repairs, alongside cleaning the cars used in the robotaxi program Oro supports. Responsibilities extend to staffing operations centers, with the announced service list covering work on vehicles as well as the centers serving the fleet. Oro's role in the program therefore encompasses fleet operations services, while the vehicles come from Lucid and are equipped with Nuro technology, under the collaboration Uber announced with Hertz.
The collaboration with Uber also extends to fleets driven by drivers employed by Oro, according to the partnership announcement, which covers this activity alongside the autonomous driving program. This aspect of the collaboration places drivers employed by the platform within the fleet operations it manages, according to Uber's description of the operating arrangement. Hertz had reported in its second-quarter results that Oro's driver-operated fleet management business had become active in 4 markets. The company said Oro drivers' cumulative mileage had exceeded 6 million miles when those quarterly results were announced. The market presence and mileage figures relate to driver-operated fleet activity during that period, an activity also covered by the announcement of the collaboration with Uber through Oro's employment of drivers.
In Hertz's results, second-quarter revenue totaled $2.4 billion, according to the earnings release outlining the group's performance during the period. That represented an increase of 10% from the same quarter a year earlier, according to the company's year-on-year comparison of quarterly revenue. Adjusted corporate earnings before interest, taxes, depreciation and amortization totaled $81 million, the metric Hertz reported in its financial results. The metric improved by $63 million year on year in the second quarter, alongside the revenue growth reported for the same period. Hertz added that adjusted corporate earnings before interest, taxes, depreciation and amortization exceeded the upper end of revised guidance, putting the quarterly result above the range the company had set for the metric.
For its next financial disclosure, Hertz plans to announce third-quarter results on the morning of November 5, 2026, according to its statement setting the earnings date. The release will be followed by a call to discuss quarterly performance, under the schedule the company announced to brief investors on the upcoming period's results. Hertz set the call for 9:00 a.m. U.S. Eastern Time on the earnings announcement date, following the release of the financial figures that same morning. On operational collaboration, Uber said Hertz and Uber are exploring opportunities to expand the partnership during 2027, within the timeframe they identified for developing their relationship. The existing partnership announcement covers the operation of autonomous fleets and fleets driven by Oro employees, while expanding the collaboration in that year remains at the stage of exploring opportunities, according to the wording Uber announced.