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Shivani Kumaresan

Rental Car Companies Mull Electrification: Reuters

  • The rental car industry, after a stellar performance boosted by the pandemic, is poised to embrace electrification, Reuters reported.
  • Asian automakers could enter the electric transition, dominated by companies in the west, mainly in the U.S. and Europe.
  • The report quoted Olivier Baldassari, group chief countries, and operations officer at rental giant Europcar, saying that cars from Chinese and Asian makers were comparable to Western models in terms of quality with less cost.
  • The report cited the American Car Rental Association, noting that rental car companies in the U.S. received $1,320 monthly revenue per vehicle in 2021 versus around $1,000 pre-pandemic.
  • Late last year, Hertz Global Holdings Inc (NASDAQ:HTZ) and Uber Technologies Inc (NYSE:UBER) accelerated the adoption of electric vehicles (EVs) in the U.S. to make up to 50,000 cars from Tesla Inc (NASDAQ:TSLA) available by 2023 for drivers to rent.
  • Hertz said it was the first U.S. car rental company to introduce EVs to its rental fleet in 2011.
  • Price Action: HTZ shares closed higher by 1.97% at $18.59 on Tuesday.
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