Hertz reports revenue increases as a result of high demand for electric vehicles

October 31, 2022 By Jozeph P

(Image Credit Google)

According to The Driven, Hertz has disclosed robust revenues and demand as the economies recover from the global epidemic. The multinational rental company posted third-quarter sales of $2.5 billion, up 13% from the same period last year. This also demonstrated the tremendous demand in the leisure, corporate, and rideshare sectors. Additionally, their corporate volumes have returned to 75% of their pre-pandemic levels, and it is predicted that these quantities will continue to rise throughout the ensuing quarters. Hertz reports significant revenue increases as a result of high demand for electric vehicles

Hertz reports significant revenue increases as a result of high demand for electric vehicles

Along with their past collaborations with Tesla and Polestar, Hertz announced a significant EV agreement with General Motors (GM) and Uber for up to 175,000 EVs during the aforementioned quarter. The business also disclosed its collaboration with Bp Pulse to build EV charging infrastructure in the US. According to The Driven, Hertz has disclosed robust revenues and demand as the economies recover from the global epidemic. Hertz is serious about adding more electric vehicles to their fleet, especially given that they cost 50% less to maintain than gasoline or diesel cars. Hertz reports significant revenue increases as a result of high demand for electric vehicles

The firm is also more confident that the impending US Inflation Reduction Act will enable it to lower the cost of its EV fleet of 100,000 Teslas and 150,000 other models. Major automakers have noticed the desire for EVs and are now hopping on board. The intention of Hertz to increase the number of EVs in their fleet also suggests that ride-hailing services may see an increase in the use of EVs, which might potentially lead to other benefits. Today's demand for automobile rentals is heavily influenced by ride-hailing, so it is not surprising that specialized businesses like Hertz or Avis Car Rental are making an effort to profit from the popularity of the electric vehicle by essentially employing the same business model. Based on the rise in EV sales, more businesses may decide to use Hertz's approach to expand the number of EVs in their fleet. This might also be a first step toward resolving the issue with the forthcoming infrastructure for EV charging.

By Jozeph P

Journalism explorer, tech Enthusiast. Love to read and write.

Hertz reports revenue increases as a result of high demand for electric vehicles

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