Hertz's multibillion-dollar bet on EVs magnified America's pain points — and soft spots — for electric cars [Business Insider]
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Source: Business Insider
Brendan McDermid/Reuters This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in Hertz, a global car rental company, ramped up its EV fleet around 2021, buying 100,000 Teslas. The move was a multibillion-dollar bet on an EV demand that Hertz later said did not materialize. The rental car company saw nearly half a billion dollars in losses directly tied to its EV fleet. When Hertz emerged from bankruptcy and went public in 2021, the rental car company made a multi-billion-dollar bet that the future of mobility pointed toward mass electrification and that the time to pivot was immediate. Hertz, the second-largest rental car company in the US, made a bulk purchase of 100,000 Teslas that year — estimated to cost around $4.2 billion and deemed the largest single purchase of EVs ever. No other rental car company had invested as aggressively in electric cars. That bet turned costly and was ultimate
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- General Motors (NYSE:GM) (TSE:GMM.U) had its "buy" rating reaffirmed by analysts at Cowen Inc.MarketBeat
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