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