UBER - Hertz Slashes 20K EVs From Fleet CEO Says Company Facing Reality Of Tesla Price Cuts Depreciation Repair Costs... And Demand? | Benzinga
Hertz Global Holdings Inc (NASDAQ:HTZ) announced Thursday it planned to cut one-third of its global EV fleet over the year. Following the announcement, Hertz CEO Stephen Scherr suggested the road to electrification could be bumpier than anticipated.
What To Know: In a new regulatory filing, Hertz said it made a strategic decision to sell about 20,000 EVs and use the proceeds to buy more internal combustion vehicles (ICE) “to meet customer demand.”
The vehicle rental company explained the EVs in its fleet were lower margin rentals and damage expenses associated with EVs are much higher than ICE vehicles.
“It’s really to respond to the reality, which is we’re trying to bring supply in line with demand and we are addressing a cost issue that happens to be related to the EVs in ...