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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.

Jeff Gordon to pace Indy 500 in Corvette Z06

The Chevrolet Corvette has served as pace car for the Indianapolis 500 more than any other vehicle in the century-long history of the race. And this year it'll be at the front of the pack again in the form of the Corvette Z06 driven by Jeff Gordon. With 650 horsepower on tap, the Z06 is among the fastest, most powerful cars ever to serve as pace car for the Greatest Spectacle in Racing – right up there, at any rate, with the ZR1 that led the field in 2012 and the Viper GTS from 1996. For this year's race, it's been decked out in white with special graphics, strobe lights and a red interior. The 99th running of the race will mark the 13th time a Corvette has been tapped for the honor. Gordon, a name better known to NASCAR fans, but certainly no stranger to the track, will handle driving duties. The four-time Sprint Cup champion has won the Brickyard 400 no less than five times, including the very first time it was held back in '94. No driver has won at Indy more than Gordon – a record he shares with Michael Schumacher, who won the US Grand Prix there five times. (AJ Foyt, Al Unser and Rick Mears share the record for Indy 500 victories at four apiece, in case you were wondering.) It'll be a busy Sunday for Gordon, who will also be competing in the Coca-Cola 600 at Charlotte on the same day. Jeff Gordon to Drive Corvette Z06 Indy 500 Pace Car Five-time Brickyard winner will lead pack for 99th running of the Indianapolis 500 2015-04-29 INDIANAPOLIS – Five-time Brickyard 400 winner and four-time NASCAR Sprint Cup champion Jeff Gordon will drive a Corvette Z06 pace car for the 99th running of the Indianapolis 500 mile race, May 24 at the Indianapolis Motor Speedway. It is the 13th time a Corvette has served as the official pace car, dating to 1978, and the 26th time a Chevrolet has led the pack for "The Greatest Spectacle in Racing." Corvette has served as the pace car more than any other vehicle in the race's history. Gordon, who grew up in nearby Pittsboro, Ind., is no stranger to the Indianapolis Motor Speedway. In 1994 he won the inaugural Brickyard 400 – the first-ever NASCAR race at the Brickyard, and has visited the winner's circle there four more times. That makes him one of only two five-time winners at Indy in any series. Michael Schumacher won five Formula One races there. "It's great to have Jeff Gordon serve as this year's pace car driver," said Jim Campbell, Chevrolet U.S. vice president of performance vehicles and motorsports.