Hertz Reports $392 Million Loss as It Unwinds Tesla Fleet [BNN Bloomberg (Canada)]
Tesla, Inc. (TSLA)
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Source: BNN Bloomberg
vehicles to reduce its fleet of Tesla Inc. models that have weighed on profits for the past year. The company said it lost $1.28 a share, or $392 million, against analyst expectation for a loss of 44 cents a share. The car rental company took a $195 million charge for the depreciation of an additional 10,000 EVs that Hertz is now holding for sale. While the company met revenue expectations, it is trying to quickly work past its failed bet on electric vehicles that resulted in lower rental rates and higher costs. Shares fell 2.4% at 8:19 a.m. in New York before the start of regular trading. Hertz had dropped 44% this year through Wednesday's close. New Chief Executive Officer Gil West appears to be willing to take bitter medicine in the near term to get the right amount of EVs in Hertz's fleet and reduce the damage the cars are doing to the company's profits. EVs have higher repair costs than traditional gas-powered vehicles and the values have fallen after Tesla cut prices last
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