Hertz picks a ‘foreign’ partner to boost EV adoption in the U.S.

on Sep 27, 2022
  • Hertz partners with BP plc to build a network of EV chargers across the U.S.
  • BP Pulse will also help Hertz cost-effectively charge its fleet of electric vehicles.
  • Wall Street has a consensus "overweight" rating on Hertz Global Holdings Inc.

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Hertz Global Holdings Inc (NASDAQ: HTZ), on Tuesday, partnered with BP plc (LON: BP) to build a network of EV chargers across the United States.

Deal to help boost EV adoption

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The car rental company is aiming for 3,000 chargers in total at its country-wide locations by the end of 2023. The network, it hopes, will boost “adoption” and relieve its customers, to some extent, of “range anxiety”.

Hertz wants electric vehicles to make up a quarter of its fleet by 2024. In the press release, CEO Stephen Scherr said:

We’re excited to partner with BP Pulse to create a national charging infrastructure for the Hertz EV fleet, thereby growing the number of charging options available to our customers and providing them with a premium electric experience.

Wall Street has a consensus “overweight” rating on the Hertz stock that’s down more than 30% for the year.  

BP will help Hertz with costs as well

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BP Pulse – the charging infrastructure segment of the oil giant will also help the Nasdaq-listed company with software and services to cost-effectively recharge its fleet of electric vehicles.

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The network of fast chargers will also serve the general public, the press release confirmed. According to Bernard Looney; the Chief Executive of the British oil and gas company:

Working together to deliver charging facilities and design solutions, we believe we can take the EV driving experience to the next level for U.S. customers. And this is just the start for BP Pulse in the United States.

The stock market news arrives a week after Hertz signed its biggest EV deal (so far) with General Motors. (source)


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