- Reaction score
- 1,703
The rental giant is rushing to unload more of its electric cars after running into a familiar problem.
Hertz may have been bullish on EVs after the initial turmoil of the early pandemic set off a fleet selling spree, making plans to buy some 100,000 Teslas in renewing its fleet in 2021 in addition to EVs from other brands.
But despite what Elon Musk said at one point, EVs have not turned out to be an appreciating asset.
Now the rental giant is rapidly heading for the exits after a series of painful losses.
Hertz intends to get rid of 30,000 EVs, or 10,000 more than initially planned, as part of its EV downsizing, citing substantial vehicle depreciation that increased $588 million in the first quarter of 2024 compared to a year prior.
Hertz may have been bullish on EVs after the initial turmoil of the early pandemic set off a fleet selling spree, making plans to buy some 100,000 Teslas in renewing its fleet in 2021 in addition to EVs from other brands.
But despite what Elon Musk said at one point, EVs have not turned out to be an appreciating asset.
Now the rental giant is rapidly heading for the exits after a series of painful losses.
Hertz intends to get rid of 30,000 EVs, or 10,000 more than initially planned, as part of its EV downsizing, citing substantial vehicle depreciation that increased $588 million in the first quarter of 2024 compared to a year prior.
