HERTZ INCREASED ITS FLEET OF ELECTRIC RENTAL CARS — THEN, ITS PROFITS EXPLODED

J

Joe Capitalist

Racism is a disease
HERTZ INCREASED ITS FLEET OF ELECTRIC RENTAL CARS — THEN, ITS PROFITS EXPLODED
Hertz discovered that electric vehicles are between 50-60% cheaper to maintain than gasoline-powered cars.

Rental car company Hertz is shifting into high gear on the road to electric vehicles (EVs). Already, it has seen a 12% increase in yearly profits as the globe-spanning rental car company accelerates its transition to EVs and lower costs.
Hertz CEO Stephen Scherr reported $2.5 billion in revenue during a third-quarter earnings call, and in the same quarter, the company confirmed a deal with GM for 175,000 EVs, The Driven reported.*
The revenue figure is in part explained by corporate demand for rentals provided by Hertz rising to 70% of pre-pandemic levels. But another key contributor was Hertz’ discovery that EVs are between 50-60% cheaper to maintain than gasoline-powered cars.
“We focused on operational excellence and fleet optimization to produce financial results that facilitated investment in our strategic priorities, like electrification, while enhancing returns to our shareholders and being in the service of our customers,” Scherr said in the earnings call.
There are fewer moving parts on EV vehicles than gas-burning cars, which means there are fewer failure points on components that can make for costly replacements.*
Additionally, the less time a vehicle is receiving repairs at the auto shop means it’s spending more time on the road and thus has more opportunities to make money as a rental.
 
Legacy automakers are on an EV marketing blitz as competition grows
General Motors (GM) has announced that it will partner with Netflix to have its EV offerings displayed in shows on the streaming platform, but they are far from the only automaker looking to show off its upcoming EVs.
GM is no stranger to marketing its EVs in fun and strange ways. Since its Superbowl ad about EVs in Norway stole the show back in 2021, the company has been dedicated to making marketing partnerships and creative ads that it hopes will bring new demand. Now, the auto giant has doubled down, partnering with Netflix to show off its new EVs.
 
The claim is BS....Hertz currently has very few EV's in its fleet, so it is inpossible that they were driving profits through reduced maintenance costs.

THINK!
 
Given that ev's are so expensive to repair, especially Tesla's, trying one out for the first time at Hertz would seem to be an exceptionally bad idea. I expect insurance is going to be a huge problem, already insurance companies are putting their foot down and refusing to insure EVs...insuring rental ev's will be I think expensive and otherwise problematic.

Also, are people going to want them? I was thinking of a near term trip to Chicago and noted that Hertz had Tesla's available, and they have very few in the fleet. Hertz's virtue signaling might turn out to be expensive. Note the Hertz just went through bankruptcy....they might be like the airlines, making repeated trips.
 
Hawkeye10 said:
The claim is BS....Hertz currently has very few EV's in its fleet, so it is inpossible that they were driving profits through reduced maintenance costs.

THINK!
Click to expand...

Stop lying


Stop believing lies


Then you will be able to actually think
 
Hawkeye10 said:
Given that ev's are so expensive to repair, especially Tesla's, trying one out for the first time at Hertz would seem to be an exceptionally bad idea. I expect insurance is going to be a huge problem, already insurance companies are putting their foot down and refusing to insure EVs...insuring rental ev's will be I think expensive and otherwise problematic.

Also, are people going to want them? I was thinking of a near term trip to Chicago and noted that Hertz had Tesla's available, and they have very few in the fleet. Hertz's virtue signaling might turn out to be expensive. Note the Hertz just went through bankruptcy....they might be like the airlines, making repeated trips.
Click to expand...

Links to your claims
 
Car rental companies got rid of manual transmissions a long long long time ago for cost problems stemming from drivers not knowing how to drive them correctly. I expect EV's will be a problem for the same reason, costs that Hertz has not really run into much because they have so few currently, and because their need to virtue signal will keep them from seeing the problem till way down the line. We are talking about FantasyLand Creatures here with the WOKE.
 
Joe Capitalist said:
HERTZ INCREASED ITS FLEET OF ELECTRIC RENTAL CARS — THEN, ITS PROFITS EXPLODED
Hertz discovered that electric vehicles are between 50-60% cheaper to maintain than gasoline-powered cars.

Rental car company Hertz is shifting into high gear on the road to electric vehicles (EVs). Already, it has seen a 12% increase in yearly profits as the globe-spanning rental car company accelerates its transition to EVs and lower costs.
Hertz CEO Stephen Scherr reported $2.5 billion in revenue during a third-quarter earnings call, and in the same quarter, the company confirmed a deal with GM for 175,000 EVs, The Driven reported.*
The revenue figure is in part explained by corporate demand for rentals provided by Hertz rising to 70% of pre-pandemic levels. But another key contributor was Hertz’ discovery that EVs are between 50-60% cheaper to maintain than gasoline-powered cars.
“We focused on operational excellence and fleet optimization to produce financial results that facilitated investment in our strategic priorities, like electrification, while enhancing returns to our shareholders and being in the service of our customers,” Scherr said in the earnings call.
There are fewer moving parts on EV vehicles than gas-burning cars, which means there are fewer failure points on components that can make for costly replacements.*
Additionally, the less time a vehicle is receiving repairs at the auto shop means it’s spending more time on the road and thus has more opportunities to make money as a rental.
Click to expand...

So then what you're saying is EVs are the official vehicles of greedy corporations. Maybe there will be a 50-60% reduction in the cost of renting cars. Excellent!
 
Numbers are not easy to find but it looks like Hertz America is currently about 8-9% EV, they intend to be 25% by the first of 2025, but I expect that wont happen because of manufacturing problems and because Hertz will discover that this particular virtue signaling is expensive.
 
Hertz might take a look back to what happened to JCP when they decided to offer what they wanted to offer rather than what customers wanted.
 
Hawkeye10 said:
Car rental companies got rid of manual transmissions a long long long time ago for cost problems stemming from drivers not knowing how to drive them correctly. I expect EV's will be a problem for the same reason, costs that Hertz has not really run into much because they have so few currently, and because their need to virtue signal will keep them from seeing the problem till way down the line. We are talking about FantasyLand Creatures here with the WOKE.
Click to expand...

Evs are easier to drive. Even Trumpys will be able to figure it out. You are pulling this out of your ass. If only Hertz had that great knowledge that you have?: They have a lot more analytics and data than you have. Companies are not woke. They are profit motivated. EVs fit well.
 
Nordberg said:
Evs are easier to drive. Even Trumpys will be able to figure it out. You are pulling this out of your ass. If only Hertz had that great knowledge that you have?: They have a lot more analytics and data than you have. Companies are not woke. They are profit motivated. EVs fit well.
Click to expand...

Tesla's especially are a steep learning curve, they are very not like the cars that people have ever driven before.

As for the rest...that is also BS.
 
Joe Capitalist said:
HERTZ INCREASED ITS FLEET OF ELECTRIC RENTAL CARS — THEN, ITS PROFITS EXPLODED
Hertz discovered that electric vehicles are between 50-60% cheaper to maintain than gasoline-powered cars.

Rental car company Hertz is shifting into high gear on the road to electric vehicles (EVs). Already, it has seen a 12% increase in yearly profits as the globe-spanning rental car company accelerates its transition to EVs and lower costs.
Hertz CEO Stephen Scherr reported $2.5 billion in revenue during a third-quarter earnings call, and in the same quarter, the company confirmed a deal with GM for 175,000 EVs, The Driven reported.*
The revenue figure is in part explained by corporate demand for rentals provided by Hertz rising to 70% of pre-pandemic levels. But another key contributor was Hertz’ discovery that EVs are between 50-60% cheaper to maintain than gasoline-powered cars.
“We focused on operational excellence and fleet optimization to produce financial results that facilitated investment in our strategic priorities, like electrification, while enhancing returns to our shareholders and being in the service of our customers,” Scherr said in the earnings call.
There are fewer moving parts on EV vehicles than gas-burning cars, which means there are fewer failure points on components that can make for costly replacements.*
Additionally, the less time a vehicle is receiving repairs at the auto shop means it’s spending more time on the road and thus has more opportunities to make money as a rental.
Click to expand...
In cities and suburbia, it can work right now.

I have a client who took an EV loaner when her Mercedes was in the shop. Whereas she was happy with the way it drove, it was a nightmare locating a Tesla charging station between the city and her vacation home in the mountains.

Before long, there will be sufficient charging stations across the nation so that long EV trips are never a problem

Right now, they will work great in cities. In fact, we might see fleet rental vehicles in the cities are going to be EVs.
 
Althea said:
In cities and suburbia, it can work right now.

I have a client who took an EV loaner when her Mercedes was in the shop. Whereas she was happy with the way it drove, it was a nightmare locating a Tesla charging station between the city and her vacation home in the mountains.

Before long, there will be sufficient charging stations across the nation so that long EV trips are never a problem

Right now, they will work great in cities. In fact, we might see fleet rental vehicles in the cities are going to be EVs.
Click to expand...

Even charging in a city right now is a giant time suck.....and you must turn it in charged just as gas cars need to be turned in with fuel or else you get hit with a big charge.
 
Hawkeye10 said:
Tesla's especially are a steep learning curve, they are very not like the cars that people have ever driven before.
As for the rest...that is also BS.
Click to expand...

Have you ever driven an EV, Fawkewe?

When I went to test drive my EV before I bought one, the salesman handed me the keys and said "Have a nice drive". That was the extent of the 'steep learning curve' crash course I went through to 'learn' how to drive this complex piece of machinery.
 
Joe Capitalist said:
Have you ever driven an EV, Fawkewe?

When I went to test drive my EV before I bought one, the salesman handed me the keys and said "Have a nice drive". That was the extent of the 'steep learning curve' crash course I went through to 'learn' how to drive this complex piece of machinery.
Click to expand...
I went to a concert with a friend who has a Tesla SUV on lease.

I was impressed with the raw power it generated if you don't mind wasting the charge.

Otherwise, it was like driving any car. When they lower the price of EV through scaling back the bells/whistles, more and more people will drive them.

For me, hybrids are the answer right now.
 
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