Hertz Is Practically Giving Away Tesla Inventory

Hertz's pioneering of EVs as rental cars seemed foolproof—less maintenance and a lower total cost of ownership are two things that any company competing in the rental space strives for. But as Hertz quickly found out, its grand experiment went horribly wrong. It's now become a giant clearance event, where everything must go.

The company's fire sale on EVs has been ongoing for months. The goal? Sell off at least 30,000 EVs—which include cars from Tesla and other brands like Polestar—by the end of the year. Ultimately, Hertz wants to retain only enough vehicles to satisfy the demand of the renters who are actually booking trips in battery-powered cars to avoid hefty hits on depreciating inventory. Now, after a weak earnings report, Hertz is accelerating its sale of Tesla models.

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