Its raining EV chargers

Its raining EV chargers

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  • Hertz (HTZ, $16.52) on Tuesday announced a deal with energy giant BP (BP, $27.55) to build a national charging network across the United States, to power its fleet of eco-friendly cars. Terms of the deal were not disclosed. 

  • The new stations will be used for Hertz’s growing fleet of electric vehicles and will also be open to the public. Hertz already has 1,600 chargers in 65 nations worldwide and previously had worked with Amply Power, which BP acquired in December 2021 and rebranded as BP Pulse, to build chargers at 25 Hertz locations this year. The first new site is expected to go live next year.

  • Hertz, which has signed deals to buy cars from Tesla, Polestar and General Motors Co, said it has tens of thousands of EVs available at 500 locations across 38 states. Its goal is for one-quarter of its fleet to be electric by the end of 2024. The rental giant said it had already invested in thousands of EV charging stations across its locations, with the deal with BP helping to expand its charging footprint.

Why it matters

Demand for electric cars has surged in recent years with EVs accounting for roughly 5% of vehicles sold in the United States in the first half of this year. However, charging infrastructure across the US has failed to keep pace, prompting some complaints of challenges in using electric cars, particularly on long, interstate trips.

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