Hertz is ditching more of its fleet of electric vehicles, which it says are unreliable and more expensive than gas-guzzlers, as it reports a $392 million loss for the first quarter of 2024. ( Remember Hertz TV ad of retired QB Tom Brady driving Tesla rental )
The Estero, Florida-based rental car company said it plans to get rid of 10,000 more EVs than it initially planned this year. Now Hertz intends to sell off 30,000 EVs in 2024, after taking a $195 million charge last quarter because of the depreciation of its fleet. That hit, when combined with a $245 million write-down in the last quarter of 2024, means Hertz has lost $440 million on its failed bet on electric cars led by former CEO Stephen Sherr.
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