Car-rental operator Hertz reported it lost another $200 million due to its EV gamble.
, 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.
There weren’t just financial costs to Hertz’s EV bet. Last month, Hertz’s then-CEO Stephen Scherr, who spearheaded the plan to go all in on EVs,"Fleet and direct operating costs weighed on this quarter's performance," Hertz CEO Gil West said in a statement. "We're tackling both issues — getting to the right supply of vehicles at an acceptable capital cost while at the same time driving productivity up and operating costs down.
While Hertz is paring back its EV offerings in its fleet, EV sales are still growing at the retail level,, claiming that EVs were still popular among its retail customers, but fleet operators, such as large corporations, government entities, and car rental chains, are cutting back purchases. The company recently attempted to fend off short sellers by advising investors on ways to prevent their shares from being loaned for short-interest positions.
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