Hertz, the rental giant, is selling off a third of its EV fleet and replacing those cars with traditional gas-powered vehicles. The company cites high repair costs and reduced residual value as reasons for scaling back its EV operations.
As the news of Hertz ’s fire sale on previously rentable Teslas makes its way through the news cycle, the rental giant has also quietly announced that it’s pivoting more toward traditional gas-powered vehicles in the future. The company says that it is 'rebalancing' the numbers in its fleets, which means selling off a third of its EV fleet and replacing those cars with ICE models.
According to Automotive News, Hertz said that it expects to sell off 20,000 cars in its EV stock, and that process already started as early as last month. The cash generated from the sales of its EV fleet will be pumped back into meeting demand for rental ICE vehicles. This comes on the heels of Hertz’s October announcement that it would be scaling back its EV operations, citing high repair costs and reduced residual value compared to the rest of its vehicles as reasons why its EV rental operations weren’t going so wel
Hertz EV Fleet Gas-Powered Vehicles Rental Sales Repair Costs Residual Value
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
United Launch Alliance's Vulcan Centaur Rocket Successfully Lifts OffThe United Launch Alliance's Vulcan Centaur rocket successfully lifted off from Florida's Cape Canaveral Space Force Station. The rocket, powered by BE-4 first-stage engines, had nearly 2 million pounds of thrust. After liftoff, the SRBs separated from the first-stage booster, and the Centaur upper stage began its burns. The launch marks a significant milestone for the Pittsburgh-based company.
Read more »
Dogecoin and Shiba Inu Experience Cooling Off as Pullix EmergesDogecoin (DOGE) and Shiba Inu (SHIB) have recently experienced a shift in momentum in the crypto world. The two popular memecoins, once the center of rapid market movements, are now seeing a cooling off. This trend comes as emerging tokens like Pullix (PLX) begin to capture the market’s attention, heralding a potential change in investor focus.
Read more »
Offshore Wind Farms in the US Send Electricity to the Grid for the First TimeTurbines from two large offshore wind farms in the United States are now sending electricity to the grid. The Vineyard Wind project off the coast of Massachusetts and the South Fork Wind project off the coast of New York have successfully delivered power from their turbines.
Read more »
Planting Pine or Native Forest for Carbon Capture: New Zealand's Best of Both WorldsResearchers suggest a third way for New Zealand to achieve both carbon capture and native forest growth by transitioning radiata pine forests into native forests over time through targeted management.
Read more »
Bethlehem's Christmas Celebrations Canceled Due to Israel-Hamas WarThe typically bustling biblical birthplace of Jesus looks like a ghost town on Christmas Eve, with celebrations in Bethlehem called off due to the Israel-Hamas war.
Read more »
Sheltering Science at the End of the Earth: Part 3No one can be voted off the island, so scientists found ways to keep spirits high and relationships strong.
Read more »