Rental giant Hertz dumps EVs, including Teslas, for gas cars

[excalibur]

The crash of the EV market continues.

Rental firm Hertz Global Holdings (HTZ.O) is selling about 20,000 electric vehicles, including Teslas, from its U.S. fleet about two years after a deal with the automaker to offer its vehicles for rent, in another sign that EV demand has cooled.

Hertz will instead opt for gas-powered vehicles, it said on Thursday, citing higher expenses related to collision and damage for EVs even though it had aimed to convert 25% of its fleet to electric by 2024 end.

CEO Stephen Scherr had last year at the JPMorgan Auto Conference flagged headwinds from higher expenses for its EVs, particularly Teslas.

Hertz even limited the torque and speed on the EVs and offered it to experienced users on the platform to make them easier to adapt after certain users had front-end collisions, he said.

Shares of the company, which also operates vehicles from Swedish EV maker Polestar among others, fell about 4%. Tesla's (TSLA.O) stock was down about 3%.

Hertz also expects about $245 million in charges related to depreciation expenses from the EV sale in the fourth quarter of 2023.

...​

https://www.reuters.com/business/autos-transportation/hertz-sell-about-20000-evs-us-fleet-2024-01-11/

 

[Libby von H]

The crash of the EV market continues.

Rental firm Hertz Global Holdings (HTZ.O) is selling about 20,000 electric vehicles, including Teslas, from its U.S. fleet about two years after a deal with the automaker to offer its vehicles for rent, in another sign that EV demand has cooled.​

​

Hertz will instead opt for gas-powered vehicles, it said on Thursday, citing higher expenses related to collision and damage for EVs even though it had aimed to convert 25% of its fleet to electric by 2024 end.​

​

CEO Stephen Scherr had last year at the JPMorgan Auto Conference flagged headwinds from higher expenses for its EVs, particularly Teslas.​

​

Hertz even limited the torque and speed on the EVs and offered it to experienced users on the platform to make them easier to adapt after certain users had front-end collisions, he said.​

​

Shares of the company, which also operates vehicles from Swedish EV maker Polestar among others, fell about 4%. Tesla's (TSLA.O) stock was down about 3%.​

​

Hertz also expects about $245 million in charges related to depreciation expenses from the EV sale in the fourth quarter of 2023.​

​

...​

https://www.reuters.com/business/autos-transportation/hertz-sell-about-20000-evs-us-fleet-2024-01-11/

This is Biden maliciously deforming the market. Subsidizing production, subsidizing purchase. chasing competitors out.
The foolish President just might see it all go to sht right before his eyes. BUT it was your money he wasted.
Just to today to remind everyone of how stupid and wasteful he really is

Biden administration pours $623M into EV charging void​

9 hours ago — The money was highly anticipated because range anxiety is considered a major challenge to Americans' widespread adoption of electric cars.

Still wondering whether he is a fool.How long do you need

Congress Authorized $7.5 Billion for E.V. Chargers. After 2 Years, None Are Built.​

More than $2 billion has been distributed, but only two states have even broken ground and most states haven't even submitted proposals.​

 

[1srelluc]

 

[DigitalDrifter]

Oh Hertz, say it ain't so!!!!!

 

[Resnic]

I'm surprised they even had EVs to begin with. I'd imagine upkeep on them would be incredibly expensive. Not to mention the demand for them wouldn't be there.

 

[SassyIrishLass]

The EV scam is unraveling

 

[Captain Caveman]

The crash of the EV market continues.

Rental firm Hertz Global Holdings (HTZ.O) is selling about 20,000 electric vehicles, including Teslas, from its U.S. fleet about two years after a deal with the automaker to offer its vehicles for rent, in another sign that EV demand has cooled.​

​

Hertz will instead opt for gas-powered vehicles, it said on Thursday, citing higher expenses related to collision and damage for EVs even though it had aimed to convert 25% of its fleet to electric by 2024 end.​

​

CEO Stephen Scherr had last year at the JPMorgan Auto Conference flagged headwinds from higher expenses for its EVs, particularly Teslas.​

​

Hertz even limited the torque and speed on the EVs and offered it to experienced users on the platform to make them easier to adapt after certain users had front-end collisions, he said.​

​

Shares of the company, which also operates vehicles from Swedish EV maker Polestar among others, fell about 4%. Tesla's (TSLA.O) stock was down about 3%.​

​

Hertz also expects about $245 million in charges related to depreciation expenses from the EV sale in the fourth quarter of 2023.​

​

...​

https://www.reuters.com/business/autos-transportation/hertz-sell-about-20000-evs-us-fleet-2024-01-11/

The bulk of the initial EV sales across the globe is down to fleet and company sales. The 'Niche' private market started to dry up as the subsidies disappeared, and then fleet and company sales started to decline. So now it's interesting actual examples are now hitting the news. Excellent.

 

[PeterPilot]

I'm surprised they even had EVs to begin with. I'd imagine upkeep on them would be incredibly expensive. Not to mention the demand for them wouldn't be there.

The only reason they became popular is because the federal government subsidized the sales with taxpayer dollars.

 

[2aguy]

This is Biden maliciously deforming the market. Subsidizing production, subsidizing purchase. chasing competitors out.
The foolish President just might see it all go to sht right before his eyes. BUT it was your money he wasted.
Just to today to remind everyone of how stupid and wasteful he really is

Biden administration pours $623M into EV charging void​

9 hours ago — The money was highly anticipated because range anxiety is considered a major challenge to Americans' widespread adoption of electric cars.

Still wondering whether he is a fool.How long do you need

Congress Authorized $7.5 Billion for E.V. Chargers. After 2 Years, None Are Built.​

More than $2 billion has been distributed, but only two states have even broken ground and most states haven't even submitted proposals.​

Not biden.....biden can barely eat pudding without help......it is the obama minions surrounding biden making those malicious decisions...

 

[2aguy]

I'm surprised they even had EVs to begin with. I'd imagine upkeep on them would be incredibly expensive. Not to mention the demand for them wouldn't be there.

And the insurance on them with all the accidents they likely had as rental vehicles...

 

[drudge X]

I just checked out their sales nearest me. Hertz wants $30,000 for a Tesla with 96,000 miles.

You can get a far more reliable Toyota Corolla for $22,000 brand new and not having to worry about maintenance cost for a while.

 

[Lord Long Rod]

Nobody want to drive those stupid EV Crapsters.

 

[Desperado]

The crash of the EV market continues.

Rental firm Hertz Global Holdings (HTZ.O) is selling about 20,000 electric vehicles, including Teslas, from its U.S. fleet about two years after a deal with the automaker to offer its vehicles for rent, in another sign that EV demand has cooled.​

​

Hertz will instead opt for gas-powered vehicles, it said on Thursday, citing higher expenses related to collision and damage for EVs even though it had aimed to convert 25% of its fleet to electric by 2024 end.​

​

CEO Stephen Scherr had last year at the JPMorgan Auto Conference flagged headwinds from higher expenses for its EVs, particularly Teslas.​

​

Hertz even limited the torque and speed on the EVs and offered it to experienced users on the platform to make them easier to adapt after certain users had front-end collisions, he said.​

​

Shares of the company, which also operates vehicles from Swedish EV maker Polestar among others, fell about 4%. Tesla's (TSLA.O) stock was down about 3%.​

​

Hertz also expects about $245 million in charges related to depreciation expenses from the EV sale in the fourth quarter of 2023.​

​

...​

https://www.reuters.com/business/autos-transportation/hertz-sell-about-20000-evs-us-fleet-2024-01-11/

Proving once again the EV's are not ready for prime time

 

[Fort Fun Indiana]

The crash of the EV market continues.

Rental firm Hertz Global Holdings (HTZ.O) is selling about 20,000 electric vehicles, including Teslas, from its U.S. fleet about two years after a deal with the automaker to offer its vehicles for rent, in another sign that EV demand has cooled.​

​

Hertz will instead opt for gas-powered vehicles, it said on Thursday, citing higher expenses related to collision and damage for EVs even though it had aimed to convert 25% of its fleet to electric by 2024 end.​

​

CEO Stephen Scherr had last year at the JPMorgan Auto Conference flagged headwinds from higher expenses for its EVs, particularly Teslas.​

​

Hertz even limited the torque and speed on the EVs and offered it to experienced users on the platform to make them easier to adapt after certain users had front-end collisions, he said.​

​

Shares of the company, which also operates vehicles from Swedish EV maker Polestar among others, fell about 4%. Tesla's (TSLA.O) stock was down about 3%.​

​

Hertz also expects about $245 million in charges related to depreciation expenses from the EV sale in the fourth quarter of 2023.​

​

...​

https://www.reuters.com/business/autos-transportation/hertz-sell-about-20000-evs-us-fleet-2024-01-11/

The trigger was Musk's ill advised pricing changes. Tesla owners watched 33% of their cars' values disappear overnight.

 

[Fort Fun Indiana]

Proving once again the EV's are not ready for prime time

The EVs are ready. The infrastructure is not.

The only way to make them ready is to keep making them and phasing out ICE vehicles.

 

[Independentthinker]

The crash of the EV market continues.

Rental firm Hertz Global Holdings (HTZ.O) is selling about 20,000 electric vehicles, including Teslas, from its U.S. fleet about two years after a deal with the automaker to offer its vehicles for rent, in another sign that EV demand has cooled.​

​

Hertz will instead opt for gas-powered vehicles, it said on Thursday, citing higher expenses related to collision and damage for EVs even though it had aimed to convert 25% of its fleet to electric by 2024 end.​

​

CEO Stephen Scherr had last year at the JPMorgan Auto Conference flagged headwinds from higher expenses for its EVs, particularly Teslas.​

​

Hertz even limited the torque and speed on the EVs and offered it to experienced users on the platform to make them easier to adapt after certain users had front-end collisions, he said.​

​

Shares of the company, which also operates vehicles from Swedish EV maker Polestar among others, fell about 4%. Tesla's (TSLA.O) stock was down about 3%.​

​

Hertz also expects about $245 million in charges related to depreciation expenses from the EV sale in the fourth quarter of 2023.​

​

...​

https://www.reuters.com/business/autos-transportation/hertz-sell-about-20000-evs-us-fleet-2024-01-11/

Awwwwwwwwwwwwww, Jeeez, now the planet is doomed.

 

[Captain Caveman]

Reading the comments in the video is the added fun to the Hertz EV collapse. The EVangelists must be crying inside.