Key Takeaways
- • Steve Cohen's Cohen Private Ventures, along with funds affiliated with Certares Opportunities and Knighthead Capital Management, committed $80 million in strategic equity funding to Oro Mobility, a Hertz-owned business, according to Axios.
- • Hertz is establishing Oro as a standalone company and retains majority ownership; no other financial terms were disclosed.
- • Oro is positioning itself as fleet operator for robotaxis, with an existing agreement to manage Uber's planned Lucid robotaxis equipped with Nuro self-driving technology, starting in San Francisco.
- • Hertz CEO Gil West will serve as executive chairman of Oro, which is led by CEO Doria Holbrook.
- • Private equity firms including EQT and BlackRock's Global Infrastructure Partners are treating robotaxi depots as a potential infrastructure asset class comparable to data centers and cell towers.
Summary
Billionaire hedge fund investor Steve Cohen is backing an $80 million strategic equity investment in Oro Mobility, a Hertz-owned business positioning itself as an operator of robotaxi fleets, according to an exclusive report from Axios. The funding came from a group of investors including Cohen Private Ventures, the family office of Point72 founder and New York Mets owner Steve Cohen. Funds or accounts affiliated with Certares Opportunities and Knighthead Capital Management also participated. Hertz will retain majority ownership of Oro, and no other financial details were provided.
Hertz launched Oro earlier in 2026 as part of CEO Gil West's strategy to turn the rental company's fleet-management expertise into a new growth business. Under the arrangement, West will serve as executive chairman of Oro, which is led by CEO Doria Holbrook. Oro already has a deal to manage Uber's planned fleet of Lucid robotaxis equipped with Nuro's self-driving technology, beginning in San Francisco. The company also rents about 45,000 vehicles to Uber and Lyft drivers, including roughly 1,000 driven by Hertz employees for Uber, which the company views as a step toward fully autonomous operations. West told Axios in July that Hertz was refining its capabilities in dispatching, maintenance, charging and other fleet operations before transitioning to driverless vehicles.
The new capital will fund vehicle purchases for both human-driven and robotaxi fleets, as well as depots, charging infrastructure and other technology needed for large-scale operations. Holbrook said depot costs can range from a few million dollars to upgrade an existing site to tens of millions of dollars for a new facility, depending on location and access to grid power.
The investment reflects a broader trend in which private equity firms, including EQT and BlackRock's Global Infrastructure Partners, are betting that robotaxi depots will become a new category of infrastructure investment, similar to data centers, warehouses and cell towers. Andrew B. Cohen, chief investment officer and cofounder of Cohen Private Ventures, said, "We believe Oro has established a differentiated position in a growing and dynamic mobility market." The deal allows Hertz to participate in that trend while continuing its turnaround of the traditional rental car business.
Hertz launched Oro earlier in 2026 as part of CEO Gil West's strategy to turn the rental company's fleet-management expertise into a new growth business. Under the arrangement, West will serve as executive chairman of Oro, which is led by CEO Doria Holbrook. Oro already has a deal to manage Uber's planned fleet of Lucid robotaxis equipped with Nuro's self-driving technology, beginning in San Francisco. The company also rents about 45,000 vehicles to Uber and Lyft drivers, including roughly 1,000 driven by Hertz employees for Uber, which the company views as a step toward fully autonomous operations. West told Axios in July that Hertz was refining its capabilities in dispatching, maintenance, charging and other fleet operations before transitioning to driverless vehicles.
The new capital will fund vehicle purchases for both human-driven and robotaxi fleets, as well as depots, charging infrastructure and other technology needed for large-scale operations. Holbrook said depot costs can range from a few million dollars to upgrade an existing site to tens of millions of dollars for a new facility, depending on location and access to grid power.
The investment reflects a broader trend in which private equity firms, including EQT and BlackRock's Global Infrastructure Partners, are betting that robotaxi depots will become a new category of infrastructure investment, similar to data centers, warehouses and cell towers. Andrew B. Cohen, chief investment officer and cofounder of Cohen Private Ventures, said, "We believe Oro has established a differentiated position in a growing and dynamic mobility market." The deal allows Hertz to participate in that trend while continuing its turnaround of the traditional rental car business.
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