The whole plan, it must be said, had the best of intentions.
American rental car giant Hertz saw the way the car market was going and decided to invest in building the largest electric vehicle rental fleet in North America back in 2021. That meant hundreds of thousands of EVs from Tesla, General Motors, Kia, Polestar, Volvo and more. It even got Tom Brady involved in the whole thing.
Unfortunately, a complicated confluence of events—including rapid-fire EV price cuts in 2023 that led to massive depreciation and higher repair costs—have led to nothing but headaches for Hertz. The company has endured massive losses, said goodbye to the CEO behind the move and has since spent the past few months offloading those EVs at fire-sale prices.
Read Article