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Hertz raised the number of electric vehicles it plans to sell this year as it is cutting its EV fleet to reduce losses that have weighed on the car rental giant’s earnings. In the first quarter, Hertz upsized its EV disposition plan by 10,000 vehicles, for a total of 30,000 EVs intended for sale in 2024. Most of these EVs will be Teslas. The company incurred a $195 million charge to vehicle depreciation to write down the EVs held for sale which were remaining in inventory at quarter-end to fair value and recognize the disposition losses on EVs sold in...

Shares of rental car giant Hertz plunged by more than 20 percent on Thursday after the company reported huge losses related to its investment in Electric Vehicles (EVs). For months, Hertz has been struggling after going all-in on EVs. On Thursday, Hertz executives said it lost $1.28 per share in the first quarter, many times larger than Wall Street’s estimate of a loss of 45 percent per share. The wider-than-expected loss came even though business was actually busier than expected for Hertz. The company took in $2.1 billion in revenue, slightly outpacing expectations. In January, Hertz executives announced that they...

The Biden administration’s Environmental Protection Agency (EPA) has revealed its ambition: to phase out gas-powered cars in favor of electric vehicles (EVs). Incredibly, this announcement comes as we are flooded with overwhelming evidence that EVs are a market loser. Indeed, the artificial boom and then meltdown of the EV market is a modern industrial calamity. It was created by government, social media, wild disease frenzy, far-flung thinking, and the irrational chasing of utopia, followed by a rude awakening by facts and reality. CEO of Hertz Stephen Scherr has been booted out due to a vast purchase of an EV fleet...

As John Adams said:Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence.Now, if Stephen Scherr had taken Adams’s observation into consideration, he might still have a job. (However, no sympathy from me; he’ll be employed in no time at all, making more bad decisions that inevitably cost me money, in one way or another.) From a report at the New York Post this afternoon:Hertz, one of the four largest car rental companies in the world, is replacing its CEO after the company...

Stephen Scherr, chief executive officer of Hertz Global Holdings Inc. and a member of its board of directors, will step down on March 31, following the car rental company’s largest quarterly loss since 2020 after a risky bet on electric vehicles. According to Fox Business, Scherr is working with Gil West, former chief operating officer of Delta Airlines and General Motors’ Cruise unit, to ensure a smooth transition. West will officially start his new role at Hertz on April 1.

Hertz Global Holdings Inc. is replacing its chief executive officer in the wake of a disastrous bet on electric vehicles that the company began unwinding in recent months. Stephen Scherr, who ran Hertz for just over two years after three decades at Goldman Sachs Group Inc., has decided to step down, the rental-car company said late Friday in a statement. It’s replacing him with Gil West, the former chief operating officer of General Motors Co.’s Cruise robotaxi unit. West also will join the board of directors on April 1, according to the statement, which confirmed an earlier Bloomberg report.

Hertz is offloading used Tesla Model 3s from its fleet at a deep discount. They may be former rentals, but they're cheap enough that you have to ask yourself—would you buy one for $14,000? Hertz initially ordered 100,000 cars from Tesla, but has since pushed back its EV adoption for a multitude of reasons. The company blamed high repair costs and recent price cuts on new Teslas for the decision in an earnings call reported by CNBC. It's possible that the arrival of the 2024 Model 3's "Highland" facelift may also have pushed Hertz to liquidate. In fact, Hertz is...

The White House praised Hertz, one of the four largest car rental companies in the world, for its efforts to "substantially increase" electric vehicle (EV) rentals months before the company announced it would largely abandon EVs over increasing costs. On Thursday, Hertz Global Holdings announced in financial filings that it made the "strategic decision" to sell approximately 20,000 EVs from its U.S. fleet, or about one-third of its global EV fleet. According to the documents filed with the Securities and Exchange Commission, Hertz's sales of EVs began in December and will continue in an orderly fashion throughout 2024, and a...

Hertz Global Holdings announced Thursday that it plans to trim its electric vehicle fleet, citing high repair costs, and reinvest in gas-powered vehicles. In Hertz’s regulatory filing on Thursday, the company stated that it will sell 20,000 EVs. The announcement comes after the car rental firm committed to making 25% of its fleet electric by the end of 2024. The company has since pulled back on that goal. It also previously agreed to purchase 100,000 Teslas by the end of 2022 and 65,000 Polestar vehicles over the next five years. Approximately 80% of the car rental firm’s EV fleet are...

Just a few months ago, Hertz committed to making electric vehicles a quarter of its rental fleet. They had already announced an intent to partner with Tesla as a major provider for their future fleet, which had pushed Tesla’s value even higher. Supposedly, the scale of the demand and usage would lower costs across the board and make fleet maintenance all that much easier for Hertz and other rental agencies. Now, however, Hertz has hit reverse — and taken a big hit to its bottom line. Bloomberg reports today that the leading rental company wants to sell off a full...

Hertz is offloading used Tesla Model 3s from its fleet at a deep discount. They may be former rentals, but they're cheap enough that you have to ask yourself—would you buy one for $14,000?Hertz initially ordered 100,000 cars from Tesla, but has since pushed back its EV adoption for a multitude of reasons. The company blamed high repair costs and recent price cuts on new Teslas for the decision in an earnings call reported by CNBC. It's possible that the arrival of the 2024 Model 3's "Highland" facelift may also have pushed Hertz to liquidate. In fact, Hertz is already...

Car rental service Hertz Global Holdings Inc (NASDAQ:HTZ) has started selling its used Tesla Inc (NASDAQ:TSLA) cars on the company website, months after it announced its intentions to scale back on the EV giant’s vehicles in its fleet. What Happened: Hertz Inventory now shows about 518 Tesla vehicles for sale with about 455 Model 3 vehicles. The remaining are the EV maker’s best-selling Model Y. The lowest price for a Tesla vehicle from Hertz’s inventory is $20,700 for a 2021 Tesla Model 3 Standard Range with solid black exteriors. The vehicle has traveled 86,929 miles and is located in Florida....

Hertz is slowing down plans to include more electric cars in its fleet. The firm said EVs have higher repair costs and have depreciated significantly. Hertz said it would buy 100,000 Teslas in 2021. Embracing electric cars is proving much more complicated than Hertz anticipated. The car-rental giant is hitting the brakes on a wide-ranging plan to integrate more electric vehicles into its fleet as it runs into challenges, such as high repair costs and depreciation. Hertz isn't giving up on EVs entirely, but it's starting to take a more measured approach. "Our in-fleeting of EVs will be slower than...

American Thinker is fortunate enough to have a number of friends around the world, and one of those friends, an Aussie, sent me a story with this lede from the JoNova blog:Hertz was aiming to make 25% of its fleet electric by 2024, but is finding 11% is too much. Given there are whole nations pushing for 100% EV by 2035 there seems to be a message here…The original item came from a car outlet, and reported that Hertz was dialing back on promises the company had made to transition a sizable portion of its rental fleet from gas-powered vehicles...

The CEO of Hertz is sorry, so sorry for misplacing returned rental vehicles and then reporting them as stolen, causing honest customers to be locked in jail in some cases for six months or more. Not sorry enough to voluntarily compensate victims, of course. Hertz waited for a lawsuit, contesting the claims until it was forced to cough up $168 million. "In all cases, Hertz's goal is to protect its profits and cut its costs, even if it knows their own customers will lose their liberty and freedom as a result," said the lawsuit against Hertz."In February, after a U.S....

Police had their weapons drawn as they ordered Nick Wright and his 13-year-old daughter to put their hands on the hood of the car they had rented less than an hour earlier. “I couldn’t see my daughter for most of the situation, so I felt completely helpless,” Wright said. “I was being detained with my fingers locked behind my head and police telling me to shut up. It was surreal.” Wright and his daughter were on vacation and had just landed at Savannah airport. They’d rented the car about 30 minutes before officers stopped them.

A woman was charged almost $800 for a car she never picked up and was pursued by a debt collector after she refused to pay, damaging her credit score. Abigail Eason planned to rent from Dollar Rent A Car in early August at Houston International Airport, but was told when she arrived at the counter that her online booking could not be honored. Eason made a new reservation with Dollar but then canceled it after being offered smaller car that was still far more expensive than the SUV she had booked. She then rented a car from Hertz, which also...

The people who run Hertz are evil. Hertz CEO Stephen Scherr deserves to be in jail for the rest of his life.By Daniel Alman (aka Dan from Squirrel Hill)October 2, 2022This is absolutely despicable.Hertz has had a huge number of its law abiding, paying customers arrested on bogus charges of car theft.Hertz has been doing this, repeatedly, for many years.Some of Hertz’s law abiding customers were held in prison for days at a time. Some of them have been arrested and jailed multiple times, despite not having broken any laws.One law abiding customer, who was pregnant, lost her baby because...

A Texas man who raps about robbing ATMs lived out his own lyrics when he was busted for stealing from a cash machine in Tennessee earlier this week. Ladesion Riley, 30, was one of four people charged for allegedly holding up an ATM technician at a Bank of America in Nashville as he serviced the machine on Monday, according to the Nashville Metropolitan Police Department. The other suspects are Darius Dugas, 27, Sashondre Dugas, 32, and Christopher Alton, 27. All four alleged thieves hail from Houston. According to police, two members of the group approached the technician from behind around...

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