Rental company lost $1.3 billion in Q3 and took a $1 billion impairment charge due in large part to the heavy depreciation suffered by its electric car fleet
Hertz ’s third-quarter financial figures contained bigger losses than expected and sent its stock tumbling. The rental company is still feeling the ill effects of a disastrous EV program that has limited its earnings this year. As a result, it’s planning to sell off another 30,000 EVs, which will hit the used car market by year’s end. Hertz ’s third-quarter financial results released this week show it’s still reeling from its decision to bet big on EVs.
The agency’s Q3 results include a $1 billion impairment charge related to its fleet’s lower value. The EV Sell-Off In an effort to stanch the bleeding, Hertz has been offloading EVs en masse. Earlier this year, it sold 20,000 units, followed by another 10,000, with plans to ditch 30,000 more by the end of 2024.
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