Hertz Dumped 30,000 EVs, Now Renters Are Begging For Them
Carscoops • • business
Key Points:
- Rising gasoline prices above $4 per gallon are driving increased demand for electric vehicle (EV) rentals in the U.S., particularly on the West Coast where fuel costs are typically higher and consumers are more EV-friendly.
- Hertz reported a nearly 25% increase in EV rental reservations in March compared to February, while peer-to-peer rental platform Turo saw an 11% rise in EV bookings in the last three weeks of March, with a 47% year-over-year increase on March 31.
- The surge in fuel prices is linked to disruptions around the Strait of Hormuz, causing U.S. pump prices to rise by over a third since late February, with national average gas prices at $4.09 per gallon and diesel reaching $5.47.
- Despite higher rental demand for EVs, new EV sales in the U.S. declined 25% in March compared to the previous year, partly due to the expiration of the federal $7,500 tax credit, though sustained high gas prices could eventually boost EV purchases.
