Avis Budget Stock Price, News & Analysis

Zipcar is expanding its on-street vehicle access in New York City after a successful pilot program with the NYC Department of Transportation. Starting February 7, 2023, eighty new curbside parking spaces will be made available for Zipcar vehicles in Brooklyn, Queens, and the Bronx. This initiative aims to improve quality of life for nearly one thousand households by providing convenient access to shared vehicles. Zipcar has added 800 hybrid vehicles in 2022 and plans to increase its eco-friendly fleet. According to its 2022 North American Transportation Survey, 69% of members from marginalized communities reported improved quality of life since joining.

Avis Budget Group (NASDAQ: CAR) and EverCharge have launched numerous electric vehicle (EV) charging stations at George Bush International Airport in Houston, Texas, marking a significant advancement in rental EV infrastructure. This partnership aims to meet increasing rental demand for EVs and plug-in hybrid electric vehicles. EverCharge's SmartPower technology allows efficient energy management, facilitating the installation of more charging stations without overloading the existing power grid. The collaboration aligns with Avis Budget Group's commitment to sustainability and reducing greenhouse gas emissions by 30% by 2030.

Avis Budget Group (NASDAQ: CAR) has announced the upcoming release of its fourth quarter 2022 results, scheduled for after market close on February 13, 2023. A conference call for institutional investors to discuss these results will take place on February 14, 2023, at 8:30 a.m. Eastern time. Investors can access the call online or by phone, with a replay available afterward. Avis Budget Group is a global leader in mobility solutions, with over 10,000 rental locations across approximately 180 countries, operating primarily through its Avis and Budget brands.

Avis Budget Group reported record third-quarter 2022 revenues of $3.5 billion, marking an 18% increase from Q3 2021, driven by robust demand and revenue growth. Net income reached $1.0 billion, with Adjusted EBITDA hitting $1.5 billion, the best quarterly results in the company's history. The liquidity position stands at approximately $1.7 billion, supplemented by $2.6 billion in fleet funding capacity. The company remains optimistic despite economic slowdown concerns, bolstered by strong summer performance and ongoing investments in electric vehicle infrastructure.

Avis Budget Group (NASDAQ: CAR) plans to announce its Q3 2022 results on October 31, 2022, after market close, followed by a conference call on November 1, 2022, at 8:30 a.m. Eastern Time. Investors can join the call at ir.avisbudgetgroup.com or by dialing (877)-407-2991. A web replay will be available post-call, and a telephone replay will last until November 15, 2022. The company, headquartered in Parsippany, N.J., is a global provider of mobility solutions through its Avis, Budget, and Zipcar brands, operating over 10,000 rental locations in around 180 countries.

Zipcar, the leading car-sharing network, has appointed Angelo Adams as its new leader, effective immediately. This strategic move aims to enhance the member experience and promote sustainable transportation solutions across North America. Adams brings extensive operational experience from his prior role at OTIS Elevator and a military background. Under his leadership, Zipcar plans to advance its membership model and fleet management while leveraging technological innovations for improved user access. This shift positions Zipcar for potential growth in the evolving transportation landscape.

Zipcar has launched its Students with Drive campaign to empower mission-driven college leaders and support Gen Z's commitment to sustainable living. Originally started in October 2011, this initiative has provided over $1 million in funding to 400 student organizations. This year, the campaign offers a Grand Prize of $5,000 to the winning student organization, alongside additional scholarships and prizes. Interested groups can apply until October 31, 2022, and final submissions are due by February 16, 2023.