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Hertz is selling 20,000 electric vehicles to buy gasoline cars instead

Accepted submission by SomeGuy at 2024-01-27 21:26:14 from the but-but-but-the-fancy-brochure-said dept.
Business

CNN Reports: https://www.cnn.com/2024/01/11/business/hertz-tesla-selling/index.html [cnn.com]

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 [soylentnews.org].


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