hertz electric cars: Hertz Sells 20,000 EVs Due to Financial Strain
sell approximately a third of its electric vehicle (EV) fleet, totaling around 20,000 electric vehicles.
Despite Hertz's initial push into electric vehicles in recent years, the company now cites adverse effects on its bottom line.
While EVs generally incur lower maintenance costs, they reportedly experience a higher frequency of accidents
Another contributing factor to Hertz's decision is the rapid depreciation of electric vehicles.
The company points to price reductions in the new car market, primarily influenced by Tesla
For rental car companies like Hertz, substantial depreciation significantly impacts their business
Hertz anticipates a substantial loss of around $245 million due to the depreciation of its electric vehicles.
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