Hertz made headlines in October of 2021 when news broke that it was buying 100,000 Teslas worth $4.2 billion at the time, chiefly Model 3 sedans. Now, just a few years later, it’s clear to the rental company that it made a poor decision. At an earnings call on Thursday, it detailed the situation that contributed its part to the rental company losing $2.9 billion in 2024. It ultimately lost $1.18 per share, which was dramatically more than analysts expected.
“Our focus in 2024 was stabilizing the business and implementing fundamental changes to transform our company,” said Gil West, Hertz CEO. “With our new leadership team and organizational structure in place, we are well positioned to execute our strategy with rigor and at pace.” That strategy included selling off some 30,000 EVs, a plan it began implementing in 2023 and finished in the last quarter of 2024.
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