"Hertz Shifts Away from EVs, Sells Tesla Fleet for Gas Cars"
TL;DR Summary
Tesla's stock fell below its 200-day moving average for the first time since late November as Hertz announced it is selling about one-third of its EV fleet, leading to a predicted $245 million of incremental depreciation expenses in the fourth quarter. Hertz's move to offload its Tesla EVs at steep discounts is seen as bad for Tesla on several fronts, adding pressure to new Tesla prices and undermining the argument that EVs, particularly Tesla EVs, are cheap to own. The news comes as Hertz and Germany's Sixt are moving to slash their Tesla fleets, and customer demand for EVs in rental-car fleets has been lacking.
- Tesla Falls Below Key Level As Hertz Downsizes EV Fleet Investor's Business Daily
- Rental giant Hertz dumps EVs, including Teslas, for gas cars Yahoo Finance
- Hertz selling 20,000 EVs from fleet, to reinvest in gas-powered vehicles Fox Business
- Hertz Is Selling Its Fleet Of Rental Tesla Model 3s For Cheap Jalopnik
- Renting a Tesla from Hertz review: Fun EV but clunky process Business Insider
Reading Insights
Total Reads
0
Unique Readers
10
Time Saved
2 min
vs 3 min read
Condensed
80%
532 → 105 words
Want the full story? Read the original article
Read on Investor's Business Daily