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Hertz and GM team up to put 175,000 rental EVs on the road

Hertz and General Motors have announced a significant partnership that will send up to 175,000 electric vehicles into rental fleets across the country. The deal will unfold over the next five years and include vehicles from all GM brands.   The partnership will run through 2027. Hertz estimates that the electric fleet can save as many as 8 billion gasoline-powered miles, removing 1.8 million metric tons of carbon dioxide-equivalent emissions from the air. Hertz says it will invest in becoming the largest renter of EVs in North America and notes that it already has tens of thousands available at 500 locations in 38 states. By the end of 2024, it plans to electrify a quarter of its fleet. Electric rental cars are a great way for travelers wanting to avoid gas, and they make excellent urban commuter cars. Hertz will also likely save a few dollars by avoiding oil changes and other routine maintenance that gas engines need. However, a hidden societal benefit of this deal may come when Hertz’s EV rental customers begin shopping for new cars. Many people are skeptical of EVs for various reasons, including range, charging, ease of operation, and cost. Giving people a low-risk introduction to EVs and the ability to test-drive one without a pressuring salesperson could drive more people to electrics. At the same time, there's also the risk that renters wanting to take their Hertz-GM EV on a road trip into sparsely populated areas may return with charging and range-related horror stories. Hertz currently doesnÂ’t ask what youÂ’re planning to do with your rental, but it does offer a chat service for questions, and range information is presented clearly on each vehicle. Related video: 2023 Cadillac Lyriq walkaround

GM raises 2023 guidance on strong sales, higher profits

General Motors beat first-quarter profit estimates and raised its full-year earnings and cash-flow guidance after vehicle demand at the start of the year surpassed expectations. Its shares rose in premarket trading. GM made $2.21 a share in adjusted profit in the first quarter, compared to a consensus forecast of $1.72 a share. Revenue rose 11% to $39.99 billion, it said Tuesday, which was more than the $39.24 billion analysts expected. The stronger results stem from rising sales in the US, even in the face of higher interest rates and inflation. GM executives said demand was strong enough to revise 2023 guidance upward, boosting profit estimates for the year by $500 million to between $11 billion and $13 billion. “We did it with strong production and inventory discipline and consistent pricing,” GM Chief Financial Officer Paul Jacobson said on a call with journalists. “All in all, weÂ’re feeling confident about 2023.” The Detroit automaker raised per-share full-year guidance to between $6.35 and $7.35, up from $6 to $7 a share, and said free cash flow would also increase by $500 million to a range of $5.5 billion to $7.5 billion.  GMÂ’s shares pared a gain of as much as 4.4% before the start of regular trading Tuesday, rising 3.5% to $35.50 as of 6:55 a.m. in New York. The stock was up 1.9% for the year as of the close on Monday.  North American Strength The automakerÂ’s sales were particularly strong in North America, where first-quarter earnings rose before interest and taxes rose to $3.6 billion. Vehicle sales rose 18% to 707,000 in the region. Jacobson said the company originally expected to sell 15 million vehicles in the US this year, slightly less than the 15.5 million annualized rate automakers foresaw in the first quarter. North American demand was enough to offset a weak performance in China, GMÂ’s second-largest market. The automaker continues to struggle in the country, where its vehicle sales fell 25% to 462,000 vehicles in the quarter. Profits from its joint ventures in the market slumped 65% to $83 million.  The market has struggled overall in the wake of Covid-19 restrictions and foreign automakers have had to overcome a growing preference for Chinese brands by competing on price, squeezing profit margins. The situation in China probably wonÂ’t significantly improve until the second half of the year, according to Jacobson. GM remains on target to sell 150,000 electric vehicles this year, the CFO said.

Buick Encore GX fuel economy out, 1.3L more efficient than 1.2L

EPA fuel economy ratings for the 2020 Buick Encore GX are out, the most powerful engine taking the overall trophy. The new, slighty-less-compact subcompact crossover comes with a turbocharged 1.2-liter three-cylinder as its base engine, putting out 137 horsepower and 166 pound-feet of torque. Available solely with front-wheel drive and with a continuously variable transmission, the powertrain gets 26 miles per gallon in the city, 30 on the highway and 28 combined. The optional engine is a turbocharged 1.3-cylinder with 155 hp and 174 lb-ft. Mating it to the CVT in front-wheel drive guise returns the best fuel economy in the Encore/Encore GX family, being 30 city, 32 highway, 31 combined. That's spot on GM's prediction last year for combined fuel economy. Buyers who opt for the 1.3-liter with all-wheel drive — the engine costing an additional $395, the drivetrain a $2,000 upgrade — get a nine-speed automatic transmission, that combo returning 26 mpg in the city, 29 mpg on the highway and 28 mpg combined. Among luxury front-wheel drive entries, the 2020 BMW X1 sDrive28i gets 27 mpg combined utilizing an eight-speed automatic, the Lexus UX 200 gets 33 mpg combined with a CVT. Among less the expensive options, the Nissan Kicks returns 33 mpg as well through a CVT, the Mazda CX-30 rated at 28 mpg combined and employing a six-speed auto. The Encore once offered two versions of its turbocharged 1.4-liter, but is now left with the lesser-powered unit producing 138 hp and 148 lb-ft, paired with a six-speed automatic. Fuel economy with front-wheel drive is 25 city, 30 highway, 27 combined; with all-wheel drive, that shrinks by one mpg across the board to 24 city, 29 highway and 26 combined. The Encore GX is scheduled to hit dealership sometime this spring. Related Video: