Hertz Will Shrink Electric Fleet After Being Burned by Tesla’s Price Cuts

The rental car company blamed the sharp drop in the value of electric vehicles and higher repair costs for its decision to sell 20,000 cars.

The rental car company Hertz will be selling about one-third of the electric vehicles in its fleet after they lost value more quickly than expected, the company said on Thursday. The drop in value is a blow to the company’s efforts to replace gasoline vehicles with cars that do not produce tailpipe emissions.

The electric vehicles the company owned were also more likely to be involved in collisions, Hertz said, and they proved costly to repair. The company said it planned to buy more gasoline-powered vehicles to replace the 20,000 battery-powered cars it was selling.

Read more at: https://www.nytimes.com/2024/01/11/business/hertz-electric-vehicles-tesla.html