Hertz teams up with oil titan BP to install thousands of EV chargers to ease America’s range anxiety
A tale of two (electri)cities… Here’s an unlikely pairing: OG car-rental giant Hertz is partnering with oil titan BP to install EV chargers for your weekend getaway. Last year Hertz struck deals to buy up to 340K EVs from Tesla, Polestar, and GM by 2027. Last week it signed a deal to buy 175K EVs from GM over the next five years, adding to its offering at 500 locations nationwide (already the largest EV-rental fleet in North America). Now:
- Hertz and BP Pulse (BP’s electric-charging unit) plan to build a network of charging stations that’ll primarily serve Hertz renters but also ride-hailing drivers and the public.
- For BP: The charging-as-a-service partnership could bring the oil giant closer to its goal of operating more than 100K chargers by 2030. Back in 2020, BP pledged to go net-zero by 2050, but it’s notching record profits on the back of surging fossil-fuel prices.
Running on e… EVs have been touted as a way for drivers to reduce emissions while saving $$ — but the latter hasn’t been the case lately. While gas prices have jumped 17% this year, electric-charging prices can fluctuate by as much as 400% in a single day. BP Pulse’s software could help Hertz lower its electricity costs by scheduling EVs to charge at cheaper times.
If you build it they will come… EV demand is higher than ever, but the lack of charging infrastructure has been a top barrier to mainstreamification. The US has nearly 50K charging stations — that's about 100K fewer charging stations than gas stations. By setting up spots with a cost-efficient charging model, Hertz and BP could help address the top EV barriers: price and range anxiety.