Hertz Plunging Deeper Into EV Rentals
Plans to increase its fleet’s EV makeup from 10% to 25%.
Recent EV price cuts by Tesla and other EV makers helped encourage the transition, Hertz said.
IMAGE: Pexels/Taras Makarenko
Hertz plans to make a quarter of its fleet electric by the end of next year, reported CNBC. Just 10% of the rental-vehicle company’s 500,000-unit fleet is currently EVs.
Hertz has deals with General Motors, Polestar and Tesla to buy 330,000 vehicles, the news provider reported.
Recent EV price cuts by Tesla and other EV makers helped encourage the transition, Hertz indicated on its recent earnings call, said CNBC, which indicated Hertz expects to do 2 million EV rentals this year, five times last year’s volume.
Hertz hangs onto EVs longer than gas-powered models, CNBC reported, thereby lowering depreciation expense.
EVs tend to be popular with ride-share drivers who lease them for short periods, CNBC reported, a segment it said Hertz has indicated can cushion it from seasonal downturns.
DIG DEEPER: Hertz and BP Pulse to Build EV Charging Network
Originally posted on Auto Dealer Today
More Industry
Autos More Appealing
Consumers gave new cars better scores again this year for design, performance and more as mass-market brands kept gaining on premium lineups, JD Power found in an annual poll.
Read More →
Used EVs Defy Overall Market
While the used-car market saw three months of price declines or stagnation, the used EV segment did the opposite – rising for three straight months.
Read More →
Gone to the Dogs
A Stellantis brand decided to have some fun with one of its SUVs’ design to address growing emphasis on family pets.
Read More →
OEM Poll Sees Industry Evolution
Kerrigan Advisors’ survey of automakers finds that tariffs, technology, network tightening and other factors are poised to reshape auto retail.
Read More →
Luxe N.C. Dealerships Change Hands
A collection of Italian and English brand franchises were handed off to the owner’s friend in the business and include the Carolinas’ only Ferrari retail stores.
Read More →
Exposure Drives Interest in Chinese Cars
At a recent demonstration, consumers had the chance to ride in a Chinese-branded vehicle, a firsthand experience that improved their perceptions and purchase intent.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Agent Advocate
Rob Mancuso, who comes from a long line of auto dealers, values general agents’ place in the industry and makes a case for them taking an even bigger seat at the table.
Read More →
Driving Under Distraction
Though consumers gave higher marks to new vehicles in JD Power’s most recent initial-quality poll, high-tech interference worsened, pointing to craving for simplicity.
Read More →
Affordable New Cars a Thing of the Past
More than one out of five new vehicles sell for more than $60,000, according to Edmunds. That's up 7% compared to prepandemic 2019.
Read More →