SIXT, a global rental car giant, has decided to purchase up to 250,000 vehicles from Stellantis for its fleets in North America and Europe after dropping Tesla due to deep price cuts and higher repair costs. The multi-billion euro deal will include EVs, PHEVs, and gas cars, with plans to electrify 90% of its vehicles in Europe by the end of the decade. This move comes as Stellantis aims to transition to electric vehicles, and follows a similar decision by Hertz to sell off around 20,000 Teslas for similar reasons.
European rental car company SIXT has struck a deal with Stellantis for 250,000 vehicles, including some electric models, following its decision to phase out Tesla EVs from its fleet. The agreement aims to support both companies' efforts to reduce carbon emissions, with Stellantis targeting 100% passenger car battery EV sales mix in Europe by 2030 and SIXT aiming for 70-90% EVs in its fleet by 2030. This move comes after Hertz also announced plans to sell 20,000 EVs from its fleet due to high repair costs, signaling a shift towards more cost-effective EV options.
Car-rental company Sixt is phasing out Tesla's electric vehicles (EVs) from its fleet due to lower resale value and higher repair costs. The decision comes as Tesla's price cuts have impacted residual values. Sixt still plans to electrify up to 90% of its fleet in Europe by the end of the decade. This follows similar concerns raised by Hertz Global Holdings about the rental Teslas and fleet value. Tesla shares traded lower, down 1.4% on Monday, but have seen significant yearly gains.
