Apple using leased Hertz SUVs in autonomous testing

Apple using leased Hertz SUVs in autonomous testing

Apple using leased Hertz SUVs in autonomous testing

Shares of Hertz Global (HTZ) were climbing by more than 13% on heavy trading volume Monday afternoon, following a Bloomberg report that the auto rental service company is going to be teaming up with Apple (AAPL) to lease a small fleet of vehicles. Hertz shares soared the most in nearly two years. Apple is renting Lexus RX450h sport-utility vehicles from Hertz's Donlen fleet-management unit, according to the Bloomberg report, citing documents released recently by.

Apple's self-driving vehicle ambitions are coming into focus. Apple has been testing its autonomous technology with a half-dozen vehicles around the San Francisco Bay area.

The news between Apple and Hertz follows a similar deal announced Monday between the self-driving vehicle unit of Google parent Alphabet (goog) and rental auto company Avis Budget Group. After spiraling costs and headcount, veteran executive Bob Mansfield was appointed to head the team, which is known as Project Titan internally.

Hertz shares jumped 12.5 percent to $10.70 on Avis' news Monday morning and were trading in the high-single-digit percentages before the Bloomberg report at 2:24 p.m. ET.

An Apple spokesman declined to comment, while a representative for Hertz didn't immediately respond to a request for comment on Monday.

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