Hertz Struggles with Tesla Bet, Plans Major Asset Sale Amid Losses
TL;DR Summary
Hertz is facing significant financial challenges due to the depreciation of its electric vehicle (EV) fleet, primarily from Tesla, which it purchased in 2021. The company has been forced to sell tens of thousands of EVs to mitigate losses, with plans to complete the sale by the end of 2025. Hertz reported a larger-than-expected loss in its recent earnings call, highlighting the financial strain from its EV strategy. The company aims to balance its fleet with customer demand for EV rentals by the end of 2024.
- Hertz continues to get thrashed by EVs, updates plans for massive fire sale TESLARATI
- Hertz Misses Estimates as Losses Mount From Failed Tesla Bet Bloomberg
- Hertz Falls on Mounting Losses From Failed Bet on Tesla EVs Yahoo Finance
- Hertz booked a $1 billion charge as the value of its cars dropped MarketWatch
- Compared to Estimates, Hertz Global (HTZ) Q3 Earnings: A Look at Key Metrics Nasdaq
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