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from the but-but-but-the-fancy-brochure-said dept.
CNN Reports: https://www.cnn.com/2024/01/11/business/hertz-tesla-selling/index.html
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.
(Score: 2) by mcgrew on Friday February 02 2024, @08:43PM
No, the lack of chargers isn't a red herring, it's the sole disadvantage to piston cars. The battery cost is the red herring since they're warranted for a decade. How long does a V-8 drive train with its thousands of moving parts cost to replace?
The truth is that advertising is what pays for news media, and they're not about to bite the hand that feeds them. EVs threaten removing billions of dollars from automakers, auto repair shops, auto parts stores, and the oil industry like a century ago when the automobile wiped out horse breeders, veterinarians, oat farriers, buggy makers and repairmen. The piston drive train is as obsolete as the horse and buggy were in 1924 before anybody realized they were obsolete.
It is a disgrace that the richest nation in the world has hunger and homelessness.