Exclusive: Steve Cohen backs Hertz's robotaxi ambitions

Billionaire hedge fund investor Steve Cohen is backing a new $80 million investment in Oro Mobility, a Hertz-owned business positioning itself to become the backbone of the robotaxi business, the company tells Axios exclusively.Why it matters: Waymo, Tesla and Uber's race to deploy self-driving vehicles means somebody needs to buy, maintain, clean and manage their fleets. Hertz wants to be among the companies that keep them running.Driving the news: The rental car giant is establishing Oro Mobility as a standalone company and has secured $80 million in strategic equity funding from a group of investors including Cohen Private Ventures, the family office of New York Mets owner and Point72 founder Steve Cohen. Funds or accounts affiliated with Certares Opportunities and Knighthead Capital Management also took part in the deal.Hertz is retaining majority ownership, but no other financial details were provided.Hertz CEO Gil West will serve as executive chairman of Oro, which is led by CEO Doria Holbrook.What they're saying: "We believe Oro has established a differentiated position in a growing and dynamic mobility market," said Andrew B. Cohen, chief investment officer and cofounder o…

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