Hertz's U-turn: From EV Champion to Gas Car Advocate

Hertz plans to sell 20,000 electric vehicles from its fleet due to higher repair costs, depreciation, and lower resale values, with Tesla's price reductions being a major factor. The company will use the proceeds to purchase more gasoline-powered vehicles. Executives cited higher repair costs, increased crash incidents, and Tesla's limited parts supply network as reasons for the decision. Hertz expects a $245 million loss due to depreciation on the EVs and acknowledges the impact of Tesla's aggressive pricing strategy on the used car market.