Hertz just found outside money for its bet on cars that drive themselves. A consortium led by Cohen Private Ventures, the investment vehicle tied to Steve Cohen, is putting $80 million into Oro Mobility, the Hertz subsidiary built to manage rideshare and robotaxi fleets.
What the money buys
Hertz Global Holdings announced the transaction on October 20, 2026. The $80 million arrives as a strategic equity investment.
Cohen Private Ventures is joined by affiliates of Certares Opportunities LLC and Knighthead Capital Management. Together, the group received Class A Common Units in Oro.
The terms are lopsided in an interesting way. The investors get 50% of the voting rights but only approximately 15.86% of the economic rights.
Governance mirrors that voting split. Oro will have a six-member board, with three designees from Hertz and three from the investor consortium.
Gil West, the chief executive of Hertz, serves as Executive Chairman of Oro.
Where the cash is headed
Oro plans to use the capital to expand its fleet, infrastructure, technology and partnerships. The target markets fall into three buckets.
The first is rideshare rentals, where drivers rent vehicles to work on ride-hailing platforms. The second is driver-led fleet management. The third is autonomous vehicle management.
Oro expects to launch AV robotaxi operations later in 2026, using Lucid vehicles paired with Nuro technology. Launches in the Bay Area are expected later in 2026 as well.
Hertz will keep providing fleet and operational services to Oro as a fleet and corporate services partner. Certain IT and support functions will move over to Oro during the next 12 months.
A young company with real miles
Oro is barely six months old. Hertz launched it on April 30, 2026.
It has moved quickly since then. Oro already has a partnership with Uber covering driver-led operations across multiple US cities.
The company has also logged more than six million miles in managed fleet operations.
West has framed Oro as a way to apply Hertz’s fleet management expertise to new mobility trends that extend past traditional rentals.
What this means for Hertz and the robotaxi race
For Hertz, the structure brings in fresh capital for a capital-hungry business without giving up most of the economic upside. The tradeoff is control: splitting voting power evenly means Hertz can no longer steer Oro’s strategy unilaterally.
The Lucid and Nuro robotaxi launch has not happened yet, and autonomous rollouts have a long history of slipping. A delay would push back the most valuable part of Oro’s pitch.
There is also execution risk in the separation itself. Moving IT and support functions out of Hertz over 12 months is the kind of back-office project that rarely makes news unless it goes wrong.
For Hertz shareholders, the key signals to watch are whether the Bay Area robotaxi launch arrives on schedule, whether the Uber partnership expands to more cities, and whether the evenly split board produces quick decisions or gridlock.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.