Key points:
- Hertz Global stock rallied 6.13% on bp pulse EV charging partnership.
- The partnership will allow bp pulse to build EV charging stations for Hertz.
- So, should you buy Hertz shares? Read on to find out.
The Hertz Global Holdings Inc (NASDAQ: HTZ) stock price rallied 6.13% after unveiling a new partnership with BP’s Pulse Ev charging unit to build a network of EV charging stations across the United States to be used by Hertz customers.
The partnership will see BP’s Pulse, global electrification and charging solution brand, manage Hertz’s network of charging stations and customize its Omega software to ensure that the company’s fleet of electric rental cars is charged quickly and effectively.
Also read: The Best Electric Car Stocks To Buy.
Investors cheered the news, as evidenced by the rally in Hertz’s shares. The partnership will allow BP Pulse to build and manage a network of fast-charging hubs across the entire United States at Hertz’s locations.
Vic Shao, the President of bp pulse’s US fleet division, said: “This is a landmark moment. It shows the power of bringing together bp’s digital and operational capabilities with a partner like Hertz. Together with its industry-leading electrification ambitions, we can change the future of electric rental cars.”
Stephen Scherr, Hertz CEO, said: “Hertz is accelerating the adoption of electrification by investing in the largest rental fleet of electric vehicles in North America and expanding the availability of charging stations. We are excited to partner with bp pulse to create a national charging infrastructure for the Hertz EV fleet, thereby growing the number of charging options available to our customers and providing them with a premium electric experience and lower emission travel options.”
Hertz has tens of thousands of EVs available to its customers at 500 locations in 38 states. The company has built such a massive fleet via fleet purchases from Polestar, Tesla and GM. Hertz chose these companies that can successfully deliver new cars at a reliable pace.
So, should you buy Hertz shares? The short answer is yes, I would. The shares look attractive since they are trading off a significant support level; hence, today’s rally could translate into a sustained uptrend.
*This is not investment advice.
Hertz stock price.
The Hertz stock price rallied 6.13% to trade at $16.79, rising from Monday’s closing price of $15.82.