Yahoo Finance United Rentals (URI) to Buy Ford Pro's All-Electric Vehicles
In a bid to help its rental customers meet their greenhouse gas reduction goals, United Rentals, Inc. URI inked a deal with Ford Pro to purchase all-electric vehicles for its North American rental and company fleets.
Per the deal, United Rentals will initially receive 500 F-150 Lightning trucks, with a maximum target range of 320 miles and a towing capacity of 10,000 lbs and 30 E-Transit vans, with a target range of 126 miles along with 120 trucks and all 30 vans by 2022. These vehicles will be used by URI’s customers on construction and industrial job sites and by its sales, service and delivery personnel.
Both models are equipped with Pro Power On-board and an array of connectivity features, including F-150 Lightning’s game-changing technology — Intelligent Back-Up Power. The company expects to deploy these vehicles in second-half 2022.
Matthew Flannery, chief executive officer of United Rentals, said, “This investment expands our strategic partnership with Ford and reflects our dual commitment to alternative energy solutions for our customers and operations.”
Ford Pro Solution experts will provide charging options for URI’s customers, including home, worksite and Ford’s BlueOval Charge Network. Additionally, they will assist United Rentals with the optimal placement and use of the new vehicles in its electrification plan and installation of charging infrastructure.
United Rentals’ Strategic Initiatives Driving Growth
United Rentals is expanding geographic borders and product portfolio through acquisitions and joint ventures. As the largest equipment rental company in the world, United Rentals enjoys strong brand recognition, which enables it to draw customers and build customer loyalty. The company offers approximately 4,000 classes of rental equipment for rent on an hourly, daily, weekly or monthly basis.
United Rentals’ extensive and diverse fleet allows it to serve large customers that require a wide range of equipment. The company’s rental fleet is the largest and most comprehensive in the industry.
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Shares of United Rentals have outperformed the Zacks Building Products - Miscellaneous industry so far this year. The upside is likely to continue prudent investments in fleet, accretive acquisitions and robust market demand.
Zacks Rank & Some Recent Construction Releases
Currently, United Rentals carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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