Hertz Global Holdings Inc. /zigman2/quotes/227855833/composite HTZ -1.23% and BP PLC /zigman2/quotes/202286639/delayed UK:BP +0.53% /zigman2/quotes/207305210/composite BP -1.01% said Tuesday they have signed a memorandum of understanding for the development of a network of electric vehicle charging stations in North America. The charging stations will be powered by BP pulse, the energy's company's global electrification and charging brand. BP pulse will manage Hertz's charging infrastructure to ensure it can quickly and efficiently recharge vehicles between rentals. "Hertz is accelerating the adoption of electrification by investing in the largest rental fleet of electric vehicles in North America and expanding the availability of charging stations," Hertz CEO Stephen Scherr said in a statement. The company has created a fleet of tens of thousands of electric vehicles via purchases from Tesla Inc. /zigman2/quotes/203558040/composite TSLA +0.08% , Polestar /zigman2/quotes/226726518/composite PSNY -6.51% and GM /zigman2/quotes/205226835/composite GM -1.31% and aims for a quarter of its fleet to be electric by the end of 2024. Hertz shares were not yet active premarket, but have fallen 37% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.12% has fallen 23%.