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Hertz is done gambling with EVs: It took a first-quarter $195 million hit on Teslas that just keep losing value and can't sell them fast enough [Fortune]
Last tesla, inc. earnings: 4/29 04:11 pm
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US:NASDAQ Investor Relations: ir.tesla.com
Despite increases in rental car demand, Hertz said it's been bruised by its fleet of electric vehicles—made up primarily of Teslas —that are unreliable and more costly than their gas-guzzling counterparts. The rental car company plans to dispose of an additional 10,000 EVs than initially planned—intending to sell 30,000 total in 2024. It incurred a $195 million charge because of the depreciation of its EVs, a hit made more acute by Tesla slashing its prices. Hertz said its vehicles had monthly depreciation costs of $592 per car, considered high in the industry. Valued at $1.43 billion, Hertz has nearly halved its market capitalization from six months ago. The stock is down more than 40% this year, currently trading at $4.68. “Fleet and direct operating costs weighed on this quarter's performance,” Hertz CEO Gil West said in its Thursday earnings statement . “We're tackling both issues—getting to the right supply of vehicles at an acceptable capital cost while at the same time driv
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