Tesla's Transparent Price-Cutting Is ‘Poison' for Used EV Values [BNN Bloomberg (Canada)]
Hertz Global Holdings, Inc (HTZ)
Last hertz global holdings, inc earnings: 2/24 04:05 pm
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Source: BNN Bloomberg
“Having a list price that goes up and down is poison for residual values,” the fleet manager's Chief Executive Officer Tim Albertsen said Thursday. “It's quite damaging for the market, and I think for the long term, it's damaging for Tesla the way they do it.” Tesla spent much of 2023 slashing prices, including a nearly 30% cut to the sticker of the top-selling Model Y in just over three months. Meant to stoke demand, the practice has devastated used-car values, prompting rental firms Hertz Global Holdings Inc. and Sixt SE to ditch Teslas from their fleets as depreciation is among their biggest risks to manage. Read More: SAP Stops Offering Teslas as Company Cars to Employees The US carmaker's practice of announcing reductions via its website as part of its direct-to-consumer sales model are a particular problem, the Avyens CEO said, whose company manages about 3.5 million vehicles, including more than half a million EVs. The cuts immediately flow through to residual values, Al
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HTZ
News
- Hertz says it lost another $195M from EV bet [FOX Business Network]FOX Business Network
- SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Hertz Global Holdings, Inc. - HTZAccesswire
- Hertz Global Holdings First Quarter 2024 Earnings: Revenues Beat Expectations, EPS Lags [Yahoo! Finance]Yahoo! Finance
- More used Teslas are about to flood the market. [Verge, The]Verge, The
- Why Hertz Stock Plunged Today [Yahoo! Finance]Yahoo! Finance
HTZ
Earnings
- 4/25/24 - Miss
HTZ
Sec Filings
- 4/22/24 - Form 8-K
- 4/9/24 - Form ARS
- 4/9/24 - Form DEFA14A
- HTZ's page on the SEC website