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Posted: 4/25/2024 2:55:30 PM EDT
[Last Edit: AmericanPeople]
Source
"Hertz (NASDAQ: HTZ) reported its earnings for the first quarter of 2024 today, announcing that it is continuing to lose money on its electric vehicle investment and plans to dump even more EVs from its fleet. Hertz said it had increased the number of EVs it will let go of by 10,000 units, now planning to sell 30,000 of its purchased electric cars this year. In January, it said it would get rid of 20,000 units after it felt $245 million of incremental net depreciation on the value of its EV fleet. The losses continued in Q1. Hertz said it incurred a $195 million charge to vehicle depreciation to write down the EVs held for sale. However, vehicle depreciation as a whole increased by $588 million, or $339 on a per-unit basis." The following is from an earlier sell of EVs: "Hertz announced on Thursday in a regulatory filing with the SEC that it has made a “strategic decision” to slash its electric vehicle fleet by 20,000 vehicles. In the filing, Hertz said the figure is roughly one-third of its global EV fleet." It appears that they started the sell off with about 60,000 EVs globally "The filing sheds light on why a fleet of Tesla vehicles have already been listed for sale in a program that Hertz is calling “Rent2Buy.” Some of the vehicles were listed on Hertz’s website for as little as $17,700 before tax credits could be applied. Currently, the maximum tax credit on a used EV is $4,000, so these Tesla Model 3 units that Hertz is selling could fall under $14,000. Hertz was transparent in its filing that it believed a transition back to gas-powered vehicles would help the company’s financials." Hertz Tesla sales |
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Posted: 4/25/2024 2:56:53 PM EDT
[#1]
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AZ, USA
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Posted: 4/25/2024 2:57:13 PM EDT
[#2]
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USA
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Posted: 4/25/2024 2:57:24 PM EDT
[#3]
But EVs are the future
How could this happen? |
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Posted: 4/25/2024 3:01:55 PM EDT
[#4]
Quote HistoryOriginally Posted By JG_Wentworth: But EVs are the future How could this happen? |
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IN, USA
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Posted: 4/25/2024 3:09:45 PM EDT
[#5]
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USA
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Posted: 4/25/2024 3:13:21 PM EDT
[#6]
Electricity is literally a communist conspiracy.
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Posted: 4/25/2024 3:15:45 PM EDT
[#7]
I’ve always wondered why anyone would rent an EV in a place they are visiting and not know where they may have charging options. Is the use case only for someone who may drive less than 200 miles on a trip and they don’t have to worry about charging the car? Sort of like a free gasoline allowance.
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Posted: 4/25/2024 3:15:55 PM EDT
[#8]
Quote HistoryOriginally Posted By JG_Wentworth: But EVs are the future How could this happen? Hertz is a horribly managed company and they should go out of business. Again. |
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Posted: 4/25/2024 3:16:53 PM EDT
[#9]
Does this mean that I can get a cheap Model S?
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Posted: 4/25/2024 3:17:10 PM EDT
[#10]
Hertz is climate change denying?
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PA, USA
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Posted: 4/25/2024 3:17:23 PM EDT
[#11]
They're selling them off because no one wants to rent them. Really, what owner of a gas car wants to figure out the charging situation of a random EV on spring break?
In Florida over spring break, I noticed the cheapest rental cars were EVs and pickups. Because no one wants these on vacation! |
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Posted: 4/25/2024 3:19:56 PM EDT
[#12]
Quote HistoryOriginally Posted By mattdoc: They're selling them off because no one wants to rent them. Really, what owner of a gas car wants to figure out the charging situation of a random EV on spring break? In Florida over spring break, I noticed the cheapest rental cars were EVs and pickups. Because no one wants these on vacation! Hertz doesn’t charge them up. You may get one that has 30 miles of range. Really handy right out of the airport. |
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OK, USA
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Posted: 4/25/2024 3:20:57 PM EDT
[#13]
Trump won and we all know it.
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Posted: 4/25/2024 3:21:25 PM EDT
[#14]
Quote HistoryOriginally Posted By kill-9: Does this mean that I can get a cheap Model S? Yeah, if you want one that has hit a curb at 60 mph. |
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Posted: 4/25/2024 3:25:47 PM EDT
[#15]
Can they stop the awful Tom Brady youtube ads now then please
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USA
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Posted: 4/25/2024 3:27:46 PM EDT
[#16]
Their rules, their business.
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TN, USA
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Posted: 4/25/2024 3:27:58 PM EDT
[#17]
there's a shit ton in Hawaii
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MO, USA
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Posted: 4/25/2024 3:29:26 PM EDT
[#18]
Quote HistoryOriginally Posted By Porkchop_Sandwiches: Hertz doesn’t charge them up. You may get one that has 30 miles of range. Really handy right out of the airport. That's ridiculous |
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TX, USA
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Posted: 4/25/2024 3:31:28 PM EDT
[#19]
Quote HistoryOriginally Posted By Porkchop_Sandwiches: Hertz doesn’t charge them up. You may get one that has 30 miles of range. Really handy right out of the airport. Quote HistoryOriginally Posted By Porkchop_Sandwiches: Originally Posted By mattdoc: They're selling them off because no one wants to rent them. Really, what owner of a gas car wants to figure out the charging situation of a random EV on spring break? In Florida over spring break, I noticed the cheapest rental cars were EVs and pickups. Because no one wants these on vacation! Hertz doesn’t charge them up. You may get one that has 30 miles of range. Really handy right out of the airport. I have had a couple of Hertz Tesla rentals. They are supposed to be charged when you get it. If not I wouldnt take it. The issue here isnt the Tesla's it is what the poster quoted above said - when in some random ass town you dont want to be messing with trying to find a charging station. Everytime I have taken one (by choice from the gold lot) it was when my driving would be limited enough that I wouldnt need to charge and could return as is. |
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USA
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Posted: 4/25/2024 3:33:55 PM EDT
[Last Edit: JG_Wentworth]
[#20]
Quote HistoryOriginally Posted By ag04blast: I have had a couple of Hertz Tesla rentals. They are supposed to be charged when you get it. If not I wouldnt take it. The issue here isnt the Tesla's it is what the poster quoted above said - when in some random ass town you dont want to be messing with trying to find a charging station. Everytime I have taken one (by choice from the gold lot) it was when my driving would be limited enough that I wouldnt need to charge and could return as is. Quote HistoryOriginally Posted By ag04blast: Originally Posted By Porkchop_Sandwiches: Originally Posted By mattdoc: They're selling them off because no one wants to rent them. Really, what owner of a gas car wants to figure out the charging situation of a random EV on spring break? In Florida over spring break, I noticed the cheapest rental cars were EVs and pickups. Because no one wants these on vacation! Hertz doesn’t charge them up. You may get one that has 30 miles of range. Really handy right out of the airport. I have had a couple of Hertz Tesla rentals. They are supposed to be charged when you get it. If not I wouldnt take it. The issue here isnt the Tesla's it is what the poster quoted above said - when in some random ass town you dont want to be messing with trying to find a charging station. Everytime I have taken one (by choice from the gold lot) it was when my driving would be limited enough that I wouldnt need to charge and could return as is. Do they require you to bring it back fully charged or do they have some high charging fees if you bring it back at low battery? |
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Posted: 4/25/2024 3:35:47 PM EDT
[#21]
Quote HistoryOriginally Posted By Porkchop_Sandwiches: Hertz is a horribly managed company and they should go out of business. Again. Quote HistoryOriginally Posted By Porkchop_Sandwiches: Originally Posted By JG_Wentworth: But EVs are the future How could this happen? Hertz is a horribly managed company and they should go out of business. Again. It’s truly Amazing how shitty their management is. You could hire a random homeless guy to do a better job. |
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Posted: 4/25/2024 3:37:26 PM EDT
[Last Edit: APPARITION]
[#22]
Quote HistoryOriginally Posted By Shasta_Doug: I’ve always wondered why anyone would rent an EV in a place they are visiting and not know where they may have charging options. Is the use case only for someone who may drive less than 200 miles on a trip and they don’t have to worry about charging the car? Sort of like a free gasoline allowance. I rented a Tesla from Hertz on a business trip. My hotel and worksite were only about 10 miles from the airport and I was there for three days. I didn't have to return it charged. No extra fees for that either. It went back with about 20% left. It was fun but I've not rented one since because I'm never staying that close to the airports. |
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GA, USA
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Posted: 4/25/2024 3:38:37 PM EDT
[#23]
Quote HistoryOriginally Posted By Porkchop_Sandwiches: Hertz doesn’t charge them up. You may get one that has 30 miles of range. Really handy right out of the airport. Our corporate travel booking system uses Hertz, and it will try to stealthily book an EV if you're not paying very close attention. I don't understand why anyone would want to rent one for corporate travel, where the schedule is usually very important. Feel-good nonsense. |
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Posted: 4/25/2024 3:38:44 PM EDT
[#24]
Quote HistoryOriginally Posted By kill-9: Does this mean that I can get a cheap Model S? How stoned and retarded would a dood have to be, where THIS is the first thought through his head? 
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NY, USA
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Posted: 4/25/2024 3:39:46 PM EDT
[#25]
Quote HistoryOriginally Posted By InsaneRusher: Uhhh cars depreciate in value whether they are ice cars or electric. /media/mediaFiles/sharedAlbum/giphy__3_-1051.gif true but EVs have been depreciating off a cliff the last year or so |
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Posted: 4/25/2024 3:40:04 PM EDT
[#26]
Quote HistoryOriginally Posted By InsaneRusher: Uhhh cars depreciate in value whether they are ice cars or electric. /media/mediaFiles/sharedAlbum/giphy__3_-1051.gif Most people don't rent electric cars because they suck. 
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Posted: 4/25/2024 3:40:17 PM EDT
[#27]
Quote HistoryOriginally Posted By mk4dubbin: Can they stop the awful Tom Brady youtube ads now then please Came to post exactly this, they are unwatchable. |
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Posted: 4/25/2024 3:40:23 PM EDT
[#28]
Quote HistoryOriginally Posted By ag04blast: I have had a couple of Hertz Tesla rentals. They are supposed to be charged when you get it. If not I wouldnt take it. The issue here isnt the Tesla's it is what the poster quoted above said - when in some random ass town you dont want to be messing with trying to find a charging station. Everytime I have taken one (by choice from the gold lot) it was when my driving would be limited enough that I wouldnt need to charge and could return as is. Quote HistoryOriginally Posted By ag04blast: Originally Posted By Porkchop_Sandwiches: Originally Posted By mattdoc: They're selling them off because no one wants to rent them. Really, what owner of a gas car wants to figure out the charging situation of a random EV on spring break? In Florida over spring break, I noticed the cheapest rental cars were EVs and pickups. Because no one wants these on vacation! Hertz doesn’t charge them up. You may get one that has 30 miles of range. Really handy right out of the airport. I have had a couple of Hertz Tesla rentals. They are supposed to be charged when you get it. If not I wouldnt take it. The issue here isnt the Tesla's it is what the poster quoted above said - when in some random ass town you dont want to be messing with trying to find a charging station. Everytime I have taken one (by choice from the gold lot) it was when my driving would be limited enough that I wouldnt need to charge and could return as is. I drive hertz cars more than my own, which is why I hate their bullshit so much. Hertz says they will “try” to not rent one with less than 75% charge. Hertz can try to not to be a bag of dicks, and yet they still are |
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Posted: 4/25/2024 3:41:55 PM EDT
[#29]
Originally Posted By AmericanPeople: Source "Hertz (NASDAQ: HTZ) reported its earnings for the first quarter of 2024 today, announcing that it is continuing to lose money on its electric vehicle investment and plans to dump even more EVs from its fleet. Hertz said it had increased the number of EVs it will let go of by 10,000 units, now planning to sell 30,000 of its purchased electric cars this year. In January, it said it would get rid of 20,000 units after it felt $245 million of incremental net depreciation on the value of its EV fleet. The losses continued in Q1. Hertz said it incurred a $195 million charge to vehicle depreciation to write down the EVs held for sale. However, vehicle depreciation as a whole increased by $588 million, or $339 on a per-unit basis." 
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GA, USA
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Posted: 4/25/2024 3:43:07 PM EDT
[#30]
Quote HistoryOriginally Posted By BillofRights: How stoned and retarded would a dood have to be, where THIS is the first thought through his head? Quote HistoryOriginally Posted By BillofRights: Originally Posted By kill-9: Does this mean that I can get a cheap Model S? How stoned and retarded would a dood have to be, where THIS is the first thought through his head? For the right use case, a Model S is a fantastic car. Granted, it's not a great fit for the average arfcommer's daily job of hauling a 15,000lb trailer through 14,000' snow-covered passes at the end of a 400mile drive. |
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Posted: 4/25/2024 3:47:02 PM EDT
[#31]
Quote HistoryOriginally Posted By efpeter: Hertz is climate change denying? Those Bastards! 
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Posted: 4/25/2024 3:47:28 PM EDT
[#32]
Quote HistoryOriginally Posted By BillofRights: It’s truly Amazing how shitty their management is. You could hire a random homeless guy to do a better job. Hertz is a very pro DEI company, or so I've heard. |
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Posted: 4/25/2024 3:50:16 PM EDT
[#33]
Quote HistoryOriginally Posted By Xyster7212: For the right use case, a Model S is a fantastic car. Granted, it's not a great fit for the average arfcommer's daily job of hauling a 15,000lb trailer through 14,000' snow-covered passes at the end of a 400mile drive. Or any 400+ mile drive, for that matter.... |
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Posted: 4/25/2024 3:51:40 PM EDT
[#34]
Quote HistoryOriginally Posted By Xyster7212: For the right use case, a Model S is a fantastic car. Granted, it's not a great fit for the average arfcommer's daily job of hauling a 15,000lb trailer through 14,000' snow-covered passes at the end of a 400mile drive. |
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CA, USA
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Posted: 4/25/2024 4:01:35 PM EDT
[Last Edit: Featureless]
[#35]
I was upgraded free to an almost brand new (less than 400 miles on the odometer!) Chevrolet 2025 electric pickup when in San Antonio for the eclipse. I'd kind of liked it because I'd like a pickup again. fleet version so manual seat and not carpeted (not necessarily a bad thing with a truck), not the more powerful version.
I took the truck vs the EV "cars" as I didn't expect to go through the whole 450 miles on the charge. The rental guys weren't all that sure how far the cars would get and many "eclipse" renters expected to drive well out of town in unclear congestion conditions so hoping to get 100-200miles was a big risk for some so they suggested the truck. As mentioned already, renting in an unfamiiar city just seems a bad idea. You don't know where chargers are or how convenient, will you have to be dinking around to find one, waiting your turn with a bunch of other tourists, dealing with time charges if you don't get off the charger quickly. The valets at my hotel at least had it under cover with predicted hail. I don't know where we might have needed to go to charge it? The controls were unfamiliar but we didn't have too much trouble. My wife spent time in the owner's manual as we drove trying to help figure things out. The valets at the hotel were confused by it, too. The brake pedal turns it on, opening the door turns it off - with fob in pocket. Never really got the big display figured out but did get lights and wipers set right. As much as I liked it in some ways, there are places we go on trips, long weekends, etc, where not having really confident and easy access to charging would be a problem. There are places we go for a nice weekend that 450 miles won't handle out and back and one can't just top off at any gas station. electric for rentals, so far, seems a fairly ridiculous thing to do. I hope they got their "greenie"points out of it. |
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Posted: 4/25/2024 4:08:12 PM EDT
[#36]
When renting, do you have to return it with a full charge?
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USA
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Posted: 4/25/2024 4:09:43 PM EDT
[#37]
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Posted: 4/25/2024 4:12:36 PM EDT
[#38]
It would be nice to know which Leftist, straight-out-of-business-school, DEI hire thought going to
an electric rental fleet was "the future", and managed to sell it to the BoD? It'd also be nice to know if that person is now promoted or fired? |
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Posted: 4/25/2024 4:14:50 PM EDT
[#39]
Originally Posted By AmericanPeople: Source "Hertz (NASDAQ: HTZ) reported its earnings for the first quarter of 2024 today, announcing that it is continuing to lose money on its electric vehicle investment and plans to dump even more EVs from its fleet. Hertz said it had increased the number of EVs it will let go of by 10,000 units, now planning to sell 30,000 of its purchased electric cars this year. In January, it said it would get rid of 20,000 units after it felt $245 million of incremental net depreciation on the value of its EV fleet. The losses continued in Q1. Hertz said it incurred a $195 million charge to vehicle depreciation to write down the EVs held for sale. However, vehicle depreciation as a whole increased by $588 million, or $339 on a per-unit basis." Ouch, that Hertz. |
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Posted: 4/25/2024 4:15:09 PM EDT
[#40]
Quote HistoryOriginally Posted By H1-HUMMER: there's a shit ton in Hawaii It kind of makes sense in Hawaii, if you have a place to charge overnight. A modern electric car on a full charge can basically go anywhere on any Hawaiian island, and not run out of power. My wife and I were planning on putting a solar system on the house we are building there, and getting an electric SUV or truck. Even on the Big Island, you can basically drive around the entire island on one charge, so we would never have to charge it anywhere - and would just let the solar panels charge it. Essentially free and unlimited "fuel" for our vehicle. Plus, in an emergency SHTF scenario, gasoline (which has to be shipped in) will run out VERY quickly, and any gasoline car will become useless. So from a prepping perspective, an EV makes sense in Hawaii. Also, on the islands, you don't have to worry about poor battery/charging performance in cold/freezing weather. 
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Posted: 4/25/2024 4:15:54 PM EDT
[#41]
Their chief spokesman died.
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Posted: 4/25/2024 4:24:09 PM EDT
[#42]
Quote HistoryOriginally Posted By _DR: Or any 400+ mile drive, for that matter.... Or a 250+ mile drive in the winter, or the summer... |
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Posted: 4/25/2024 4:24:40 PM EDT
[#43]
Quote HistoryOriginally Posted By Drsalee: When renting, do you have to return it with a full charge? I did not and there was no fee for it. |
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Posted: 4/25/2024 4:28:24 PM EDT
[#44]
Quote HistoryOriginally Posted By LurchAddams: Their chief spokesman died. https://i.makeagif.com/media/2-23-2018/A-LSAA.gif |
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Posted: 4/25/2024 4:29:35 PM EDT
[#45]
EV THREAD BOIS
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Posted: 4/25/2024 4:36:45 PM EDT
[#46]
I rented a model 3 from Hertz a few months ago and drove all over north Florida (about 600miles). When I figured out how much I paid for charging, it was about the same as renting a car that got 31 MPG.
The only way I'd rent one again is if I had someplace where I could charge it overnight. The superchargers were often full and waiting while it charged was a pain. |
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CO, USA
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Posted: 4/25/2024 4:36:57 PM EDT
[#47]
Until hotels start providing charge facilities full EV's make no sense for business travelers. For the record, I am NOT in favor of government requiring hotels to provide power outlets in the parking lots. I flew into SNA a few weeks ago on business, was assigned an Ionic 5. Cool car, and I wish I could have taken it, but my travels that week were to take me to UCLA and Van Nuys and I had no idea if the hotel had the facilities to charge it, and phoning the hotel's number got me a call center in india. Nope, not ready for prime time. They gave me a Chrysler 300 instead.
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Posted: 4/25/2024 4:43:41 PM EDT
[#48]
Quote HistoryOriginally Posted By JG_Wentworth: But EVs are the future How could this happen? "HURRRRRRRRR HORSE AND BUGGGGGGGGGGGGGGGGIEEEEEEEEEE" braintrust, Line 1."  
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CA, USA
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Posted: 4/25/2024 4:46:15 PM EDT
[#49]
Quote HistoryOriginally Posted By Drsalee: When renting, do you have to return it with a full charge? I didn't. But the people at the Terminal Desks didn't seem like they had a clue what vehicles their lot guys were turning and upgrading to. I'd pre-booked the car and at the desk happened to go with the option where'd they'd fill it but at a comparable price to local stations. (I know that's likely a bit of a rip-off but Texas prices are so much lower than here in CA, it just seemed easy.) I got upstairs to the rental lot and was asked what I wanted from what he had ready (only electric sedans and a truck) soupgraded from the almost smallest budget gas car to a full size pickup free. San Antonio on the same weekend as the big Lackland airshow and the upcoming eclipse was crazy in the rental areas. The cars weren't getting returned as soon as expected, they didn't have the staff to turn them as fast as needed, etc. The contract was for them to fill it so I suppose that covers for them to charge it. |
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Posted: 4/25/2024 4:46:40 PM EDT
[#50]
Quote HistoryOriginally Posted By Powelligator: Until hotels start providing charge facilities full EV's make no sense for business travelers. For the record, I am NOT in favor of government requiring hotels to provide power outlets in the parking lots. I flew into SNA a few weeks ago on business, was assigned an Ionic 5. Cool car, and I wish I could have taken it, but my travels that week were to take me to UCLA and Van Nuys and I had no idea if the hotel had the facilities to charge it, and phoning the hotel's number got me a call center in india. Nope, not ready for prime time. They gave me a Chrysler 300 instead. I've been seeing chargers at some hotels for at least 10 years. |
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