Hertz' honeymoon phase with the Chevy Silverado EV did not last long. The rental giant announced in August 2023 that it planned to acquire a big fleet of electric General Motors cars, including Cadillac Lyriqs and Silverado EVs. Just 13 months later, it's already begun offloading some of the trucks, but Hertz's loss can be your gain.
The company's used car arm, Hertz Car Sales, has 35 Silverado EVs listed for sale. Hertz said earlier this year that it was dialing back its EV ambitions, citing high depreciation and repair costs, especially on its fleet of Tesla Model 3s. The Model 3 is one of the worst-depreciating cars this year, thanks in no small part to Tesla's aggressive price cuts. That's a huge problem for Hertz, which has to sell a lot of used cars every year, and gets a substantial proportion of its revenue from reselling cars.
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