Hertz continues to sell its rental electric cars, accepting financial losses

Autonomous company Hertz continues to sell off its electric cars, with the company accepting that they have brought losses. Announcing its less-than-stellar Q1 financial results, Hertz confirmed that it will sell 10,000 more electric cars than originally planned – this year the goal is to get rid of 30,000 such cars.

In 2021, the company launched an intensive electrification campaign in an effort to electrify its fleet – contracts were signed with Tesla, Polestar and other car manufacturers for large-scale car purchases. Last year, Tesla and other manufacturers significantly reduced the prices of their cars, and this had consequences in the secondary market as well. Namely, the value of the cars purchased by Hertz fell sharply, as the rental company was also faced with more expensive maintenance than originally planned.

These coincidences cost the then CEO of Hertz his job, but now the new management is trying to limit the losses. Although the detractors of electric cars want to say that customers are not ready for such a transition and so on, here the story is exactly about the drop in value due to the price policy of manufacturers, as well as maintenance costs. Hertz has created a special website where these cars can be bought. If we look there, we can also find two-year-old Tesla cars that have managed to travel around 150 thousand kilometers during this time. Of course, cars with much lower mileage are also available. Anyway, Hertz has already reached new agreements and it is known that the brands of the Stellantis group will supply them with cars of various classes, mainly focusing on the offer of internal combustion engines.