What!!!
"Hertz is selling off a third of its electric vehicle fleet, which is predominantly made up of Teslas, and will buy gas cars with some of the money it makes from the sales. The company cited lower demand for EVs and higher-than-expected repair costs as reasons for the decision.
The sell-off began last month and will continue through 2024. As some electric vehicle-focused blogs have noted, they’re being sold at steep discounts. ..."
The sell-off began last month and will continue through 2024. As some electric vehicle-focused blogs have noted, they’re being sold at steep discounts. ..."
"Hertz Global Holdings, Inc. (the “Company” or “Hertz”) has made the strategic decision to sell approximately 20,000 electric vehicles (“EVs”) from its U.S. fleet, or about one-third of the global EV fleet. These vehicle dispositions, which were initiated in December 2023 and are expected to take place in an orderly fashion over the course of 2024, will cover multiple makes and models. EVs held for sale will remain eligible for rental within the Company’s fleet during the sales process. The Company expects to reinvest a portion of the proceeds from the sale of EVs into the purchase of internal combustion engine (“ICE”) vehicles to meet customer demand. ...
The Company expects this action to better balance supply against expected demand of EVs. This will position the Company to eliminate a disproportionate number of lower margin rentals and reduce damage expense associated with EVs. ... "
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