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Hertz Is Selling 20,000 Used EVs Due To High Repair Costs
The rental car company will replace them with gasoline-powered vehicles.
After announcing big plans to purchase tens of thousands of EVs from Tesla and then Polestar, it's now liquidating a third of that fleet, the company told investors. By early 2023, it was still far short of the ambitious goal, in large part due to Tesla's inability to actually fill that order in time, and EVs still represent just 11 percent of the total Hertz rental fleet. At the end of Q3 2023, Hertz told investors that significant price cutting during the year had "resulted in lower EV residual values, increasing vehicle depreciation expense and negatively impacting salvage cost."
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