Car rental giant Hertz has posted record earnings for the year 2022, with revenue up nearly 10%. The company has also ramped up its electric vehicle (EV) efforts, announcing a new EV subscription option and plans to add more than 30,000 EVs over the next two years. The move to EVs is part of Hertz’ overall strategy to stay ahead in an increasingly competitive market as consumer preferences shift away from traditional rental cars towards self-driving cars and other alternatives. In this article, we explore Hertz’ record earnings for 2022 and their plans for expanding into the EV market.
Hertz reports record earnings for 2022
Hertz posted record earnings for the fourth quarter of 2022, thanks in large part to increased demand for electric vehicles (EVs). The company’s fourth-quarter revenue rose 5.5% to $2.78 billion, while its net income jumped 36.5% to $247 million.
Hertz attributed much of its success to its EV rental program, which has been growing rapidly in recent months. In the fourth quarter, Hertz rented out a record number of EVs, accounting for 10% of all rentals. This is up from just 1% in the first quarter of 2022.
Looking ahead, Hertz plans to significantly ramp up its EV efforts. The company intends to add more than 10,000 EVs to its fleet by 2024 and expects that EVs will make up a third of all rentals by 2030.
The company is ramping up its EV efforts
The company is investing in electric vehicles (EVs) and infrastructure as part of its strategy to reduce emissions and improve air quality. Hertz currently has over 100 EVs in its fleet and plans to add more in the coming years. The company is also working on installing charging stations at its locations across the country.
Hertz is expanding its EV fleet
Hertz posted record earnings for the fourth quarter of 2019, and announced plans to expand its electric vehicle (EV) fleet. The company plans to add more than 2,000 EVs to its fleet by the end of 2020, and aims to have 5,000 EVs by 2025.
The expansion of Hertz’s EV fleet is part of the company’s commitment to reducing its environmental impact. EVs emit no tailpipe emissions, and produce significantly lower emissions than traditional gasoline-powered vehicles. Hertz’s EV fleet will help reduce air pollution and greenhouse gas emissions, while also providing customers with a clean, efficient transportation option.
Hertz’s EV fleet expansion is also part of the company’s broader sustainability initiative. In addition to reducing emissions, Hertz is committed to using renewable energy, recycling materials, and minimizing waste. The company’s goal is to become a carbon-neutral business by 2050.
Hertz’s EV fleet expansion is a positive step forward in the fight against climate change, and will help reduce emissions while providing customers with an environmentally-friendly transportation option.