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Hertz Partners With BP For EV Charging

Car rental companies are adding EV charging stations along with manufacturers to increase access for drivers.
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Hertz Global Holdings  (HTZ) - Get Free Report, the car rental company, is partnering with oil company BP (BP) to create their own electric vehicle charging stations in the U.S. 

The charging infrastructure will be powered and operated by BP Pulse, which is BP’s EV charging business. The two companies signed a memorandum of understanding and said they will open the EV charging stations to the general public as well as taxi and ride-sharing drivers.

Hertz, which has deals to purchase cars from General Motor  (GM) - Get Free Report, Polestar (PSNY) and Tesla  (TSLA) - Get Free Report, said drivers can choose from tens of thousands of EV chargers from its 500 locations. The EVs are limited to 38 states currently.

By the end of 2024, Hertz plans to increase the number of EVs to 25% of its fleet. Last week the company said it would purchase 175,000 EVs from GM during a five-year period.

Hertz Lead

Lack of Charging Stations

One obstacle that rental car companies face is the lack of charging stations in some areas, including airports, hotels, office buildings and along interstate highways. 

Hertz said it has made investments into "thousands" of EV charging stations across its locations, but did not provide more details. 

Demand for EVs has risen from consumers as more auto manufacturers offer various models from sedans to SUVs to pickup trucks. 

The number of EV charging stations has also risen across the U.S. in recent years, but consumers, auto manufacturers and car rental companies have complained about the lack of stations in certain cities and areas.

“Hertz is accelerating the adoption of electrification by investing in the largest rental fleet of electric vehicles in North America and expanding the availability of charging stations," said Stephen Scherr, Hertz CEO.

Hertz Adding EVs to its Fleet 

Hertz has been adding a large number of EVs to its fleet.

In April, Hertz said it would buy as many as 65,000 EVs from Polestar, the Swedish EV maker.

Back in October 2021, the rental car company said it would buy 100,000 EVs from Tesla, with a focus on the popular and less expensive Model 3 sedan.

BP acquired Amply Power, a fleet charging and energy management company, in 2021 and rebranded it as as BP pulse. The division started adding charging infrastructure at 25 Hertz rental locations in several states in 2022.