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Sept. 27, 2022, 9:57 a.m. EDT

Hertz, BP Team up on New Enterprise

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Sep 27, 2022 (Baystreet.ca via COMTEX) -- Hertz /zigman2/quotes/227855833/composite HTZ -0.70% is teaming up with oil giant BP /zigman2/quotes/207305210/composite BP -0.50% to build a new network of electric vehicle charging stations throughout the United States.

The rental car giant -- which in the last year has announced deals to purchase a total of up to 340,000 EVs from Tesla /zigman2/quotes/203558040/composite TSLA 0.00% , Polestar and General Motors /zigman2/quotes/205226835/composite GM -0.10% by 2027 -- is working with a unit of BP to install thousands of new chargers at its U.S. locations.

Under the deal, BP Pulse, the oil company's EV-charging arm, will install the chargers and provide software and services to help Hertz manage its fast-growing fleet of EVs.

While many of the chargers will be used to recharge EVs in Hertz's own fleet, some will be made available to taxi and ride-hailing drivers and the general public, the companies said. Access to chargers is often cited as a potential roadblock to wider EV adoption by U.S. consumers.

The new deal builds on an existing program under which BP Pulse installed chargers at 25 of Hertz's busiest airport locations. By the end of this year, the companies expect to have about 3,000 chargers in operation at Hertz sites across the U.S. They did not specify how many they plan to eventually build.

Hertz already has thousands of EVs available for rent at about 500 of its locations in 38 U.S. states. The company plans to have EVs make up a quarter of its fleet by the end of 2024.

Hertz shares took on 70 cents, or 4.5%. early Tuesday to $16.52, while those for BP increased 41 cents, or 1.4%, to $27.65.

COMTEX_415394303/2559/2022-09-27T09:57:18

Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

/zigman2/quotes/227855833/composite
US : U.S.: Nasdaq
$ 17.08
-0.12 -0.70%
Volume: 1.56M
Dec. 1, 2022 4:00p
P/E Ratio
9.34
Dividend Yield
N/A
Market Cap
$5.74 billion
Rev. per Employee
$373,870
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/zigman2/quotes/207305210/composite
US : U.S.: NYSE
$ 35.72
-0.18 -0.50%
Volume: 7.05M
Dec. 1, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
3.80%
Market Cap
$107.03 billion
Rev. per Employee
$3.38M
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/zigman2/quotes/203558040/composite
US : U.S.: Nasdaq
$ 194.70
0.00 0.00%
Volume: 80.05M
Dec. 1, 2022 4:00p
P/E Ratio
60.16
Dividend Yield
N/A
Market Cap
$614.81 billion
Rev. per Employee
$753,983
loading...
/zigman2/quotes/205226835/composite
US : U.S.: NYSE
$ 40.43
-0.04 -0.10%
Volume: 12.34M
Dec. 1, 2022 4:00p
P/E Ratio
6.86
Dividend Yield
0.89%
Market Cap
$57.62 billion
Rev. per Employee
$937,650
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