Hertz’ bet on EV car rental dominance stalls
Over two years ago, Hertz signaled its ambitions in ordering 100,000 new Tesla vehicles, marking a first major move into the electric vehicle (EV) market.
This came shortly after emerging from its bankruptcy.
It was a move to propel Hertz as a market leader in EV car rentals.
The move pushes Tesla’s valuation to over $1 trillion.
All was rosy but more than two years on, the partnership has faced a number of unforeseen challenges.
As its competitors remained cautious about EV, Hertz’s foray into EV rentals encountered pricing issues, mounting repair expenses, and quickly diminishing resale values.
This has raised concerns among investors, who remain divided about whether to halt or temporarily suspend the EV initiative.
Some shareholders have advocated for pushing on with the strategy.
At the same time, Hertz is back to diversifying its fleet by reducing its reliance on Tesla vehicles and procuring conventional vehicles from other automakers.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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