For rental car company Hertz, this summer is shaping up to be a really good one. The U.S.-based brand has said it is preparing for a strong summer because of high-ish travel demand, among other things. Because of this, it is projecting a 20 percent jump in second-quarter revenue from the first, according to Reuters.
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U.S. airlines like Southwest, Delta and United are also forecasting strong summer travel despite the nebulous idea that we are heading toward a recession. It doesn’t take a genius to realize that solid flight numbers means solid rental car demand, but travel is not the only reason Hertz is feeling itself right now.
The outlet reports that Hertz is benefiting from the fact that more people are renting vehicles for their daily commutes. More and more companies are mandating a return to office for employees, so it does indeed make sense. It’s also getting a boost from folks who want to try out electric vehicles for the first time before actually purchasing them.
The jump from internal combustion to electric is not always an easy one, so many consumers are deciding to spend the cash to try the vehicle out in a bit more of a long term way than just a simple test drive. Reuters says that Hertz had about 50,000 EVs in its fleet at the end of the first quarter of 2023. It makes up about 10 percent of the fleet as a whole. In a bid to make EVs more accessible to the average consumer, Hertz tells Reuters it is working to install more changing infrastructure around the U.S.
According to the outlet, Hertz posted an adjusted quarterly net income of 29 cents per share for the first quarter which ended on March 31st of this year. Overall, the rental car agency’s revenue rose 13 percent to $2.05 billion — just eking out expectations of $2.03 billion.
Get in bitches, we’re renting cars this summer.