Hertz is dumping Teslas onto the used car market. The rental car agency made a huge mis-step by ordering too many electric cars, and now it’s rushing to offload 30,000 EVs. Tesla makes up roughly one-third of all of Hertz’s global EV fleet.
Since January, Hertz has been aggressively offloading teslas at the nationwide average price of roughly $25,000, according to CNBC. Earlier this year in a regulatory filing, Hertz said, “expenses related to collision and damage, primarily associated with EV, remained high.” in the first quarter, Hertz took a $195 million write-down for depreciation of its EVS.
And they did U turn on that. June 2024: