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posted by mrpg on Wednesday January 31, @04:00AM   Printer-friendly
from the but-but-but-the-fancy-brochure-said dept.

CNN Reports:

Hertz, which has made a big push into electric vehicles in recent years, has decided it's time to cut back. The company will sell off a third of its electric fleet, totaling roughly 20,000 vehicles, and use the money they bring to purchase more gasoline powered vehicles.

Electric vehicles have been hurting Hertz's financials, executives have said, because, despite costing less to maintain, they have higher damage-repair costs and, also, higher depreciation.

"[C]ollision and damage repairs on an EV can often run about twice that associated with a comparable combustion engine vehicle," Hertz CEO Stephen Scherr said in a recent analyst call.

And EV price declines in the new car market have pushed down the resale value of Hertz's used EV rental cars.

[...] For rental car companies like Hertz, which sell lots of vehicles in the used car market, depreciation has a big impact on their business, and is a major factor when deciding which cars to have in their fleets.

SoylentNews previously reported when Hertz was expanding their EV fleet.

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  • (Score: 2) by mcgrew on Friday February 02, @08:25PM

    by mcgrew (701) <> on Friday February 02, @08:25PM (#1342855) Homepage Journal

    It shows the cluelessness of CEOs and boards of directors. Tesla? You're going to equip your fleet with vehicles from one of the most hated people on Earth? The Nazimobile isn't the only EV, you know.

    If I was renting cars, I would have a fast charger or two installed and charge a little more than most fast chargers. My Hyundai is said to charge in 18 minutes, but I charge it from the 110v outlet on the house by the driveway, there's no hurry.

    I suspect that this article I haven't read is one of the anti-EV articles, many disguised as pro-EV but damning with faint praise. This one is clearly anti-EV.

    The car magazines and others like CNN who automobile manufacturers, mechanics, auto parts stores, and oil companies advertise in aren't about to bite the hand that feeds them by being honest about EVs. The EV is to a piston car what a Model T was to a horse. The last buggy manufacturer was Studebaker.

    What happened a century ago is happening again.

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