Apple and Hertz Partner for Self-Driving Car Testing

Apple is working with Hertz to test its self driving auto technology, reports Bloomberg. Hertz shares soared the most in nearly two years. The iPhone maker is leasing Lexus RX450h sport-utility vehicles from Hertz's Donlen fleet-management unit, according to documents released recently by the California Department of Motor Vehicles. Presumably, this partnership is a way for Hertz to test-self-driving vehicle technology rather than letting its customers actually rent self-driving cars at this point in time.

Avis did not move significantly right after the Hertz-Apple news, but had gradually climbed to $27.53 as of 3:30 p.m. ET.

Hertz surged on news of the agreement with Apple, bringing its intraday gain to as much as 18 percent, the biggest rise since July 2015.

Earlier this month Patently Apple posted a report titled "Apple's CEO Confirms Project Titan is the "Mother of all AI Projects" Focused on Self-Driving Vehicles".

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.