wilkes

Thanks, Joe!

Hertz CEO Steven Scherr put the blame for the decision squarely on Tesla, The New York Times reported, saying that Teslas were the largest component of Hertz's fleet, and the automaker's sweeping price cuts of the past year had crushed the resale value of its used cars and damaged Hertz's profit formula. Also, Scherr said, Tesla was unwilling to provide it with volume discounts on replacement parts, thereby making repairs expensive.

Car rental operator Hertz (HTZ) reported it lost another $200 million due to its electric vehicle 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. -- Yahoo News

You can't fix stupid... but you can laugh your arse off at it.