Lot's of publicity and subsidies but how many real renters will there be for EVs?
The Hertz Corporation (NYSE:HTZ) has signed a Letter of Intent to add Renault electric vehicles (EVs) to the European fleets of Hertz and its car sharing club Connect by Hertz. Rentals will begin no later then 2012.
Hertz said that it plans to add 500 units of the Renault EV range to its fleet over the next two years in what can be characterized as a modest effort to see if there really is a rental market for EVs. Avis claims it has similar, but thus far unspecified, plans in Europe for renting rival Citroen EVs as well.
Renault is launching three electric models during 2011, the Fluence Z.E., Kangoo Z.E. and the decidedly quirky Twizy, followed by the Zoe in 2012. None of these EVs are due to appear in the U.S. where Alliance partner Nissan is now offering the Leaf. In Europe Renault EV drivers will not own the expensive lithium ion batteries used but rather lease them from Renault.
Hertz already offers European renters what it calls the Green Collection comprised of various models from different makers that produce CO2 emissions level of less than 140g/km. This roughly translates into fuel economy of 45 to 65 mpg, depending upon the vehicle size, and is roughly twice as strict as current U.S. emission requirements that are being phased in by 2016.
