Hertz loses another $200 million from its EVs [Yahoo! Finance]
Tesla, Inc. (TSLA)
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Source: Yahoo! Finance
Car rental operator Hertz ( HTZ ) reported it lost another $200 million due to its EV gamble. In its first quarter earnings report , Hertz said it “upsized” its prior EV fleet drawdown plans by an additional 10,000 EVs, which led to the company incurring a $195 million charge to vehicle depreciation for writing down the value of EVs held for sale. The company previously said it would sell off 20,000 EVs from its fleet, meaning it will now dispose of 30,000 EVs in its fleet through the end of 2024. Add today's charge to the $245 million write-down taken in Q4, and the company has now lost $440 million on its EV gambit. Hertz's EV fleet — which once stood at 60,000 EVs, will be cut down to half that at 30,000 EVs. A third of Hertz's EV fleet was from Tesla ( TSLA ), with the rest coming from Polestar ( PSNY ), Volvo ( VLVLY ), and Chevrolet ( GM For the quarter, Hertz reported an adjusted loss of $1.28 a share, wider than the $0.44 loss analysts were expecting. Hertz reported a
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News
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- Have the wheels come off for Tesla? [Yahoo! Finance]Yahoo! Finance
- Tesla is pulling out all the stops to get Elon Musk his $47 billion pay package [Business Insider]Business Insider
- Tesla in Turmoil as Musk Makes Multiple Controversial Moves [Yahoo! Finance]Yahoo! Finance
TSLA
Earnings
- 4/23/24 - Beat
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Sec Filings
- 5/3/24 - Form DEFA14A
- 4/30/24 - Form PX14A6G
- 4/29/24 - Form DEFA14A
- TSLA's page on the SEC website