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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 Electra-X SUV Concept is a sporty-looking electric crossover

We all saw the gorgeous Buick WIldcat EV concept yesterday, but slipping under the radar was another Buick concept revealed in China: the Electra-X Concept SUV. Buick is planning on using “Electra” to name its future EVs, and this is our first look at a concept with the name attached to it. Specifically, Buick says that this concept “previews the production version of BuickÂ’s new generation of electric vehicles in China, underpinned by GMÂ’s revolutionary Ultium platform.” Nowhere in BuickÂ’s announcement does the brand say this concept will transfer to future Buicks in the U.S., but itÂ’s an interesting thought to entertain. The Electra-X Concept SUV looks like a fastback SUV, or crossover coupe, which is already a common bodystyle here in North America. Seeing that BuickÂ’s intention is to use the Ultium platform, that gives even more reason that something along these lines could find its way into U.S. showrooms. This specific concept is all about design, and itÂ’s easily the most attractive Buick SUV weÂ’ve seen. Buick says the carÂ’s “fresh and youthful” expression is meant to appeal to younger customers. It certainly looks far more sporty than what weÂ’re used to seeing from Buick, which is a good thing. YouÂ’ll notice itÂ’s wearing a new Buick badge up front. The light design in front and back is meant to resemble what weÂ’ll see on future production cars, and like many lights these days, they flash an animation at you as you approach the car. The four-seat interior is meant to look sporty and clean. Plus, it shows off the flat floor capabilities of the Ultium platform. It has an airy feel thanks to a wraparound windshield and glass roof. The seats are wrapped in fabric made from recycled water bottles. YouÂ’ll also see “GS” etched inside the cabin meant to hint that there will be electric GS models in the future. Its main display is a 30-inch 6K screen, and the car features 5G connectivity for the speediest-possible connection to the internet. Super Cruise in its most advanced, current form is also onboard, which is great to see for the Buick brand. Related video: