Hertz is ditching EVs after losing $195 million from Teslas

The rental car company plans to dispose of an additional 10,000 EVs than initially planned—intending to sell 30,000 total in 2024.

Transcript

00:00The rental car company Hertz is facing big losses especially because of its electric vehicles and

00:05Teslas. The company reported a $392 million adjusted net loss this week and is now planning

00:11to get rid of more electric cars than they originally thought. The company wants to sell

00:1430,000 electric vehicles by the end of the year. During the pandemic, Hertz ordered 100,000 Teslas

00:20to be added to its fleet and partnered with Uber to add 50,000 EVs to the roster within two years.

00:25By the end of 2023, electric vehicles hit a downfall causing Hertz to re-evaluate its plans.

00:30Hertz has lost $195 million because of the depreciation of its EVs, a hit made more

00:36acute by Tesla slashing its prices. And its stock is down more than 40% this year.