article thumbnail

Hertz continues to feel EV losses, plans to dump more from its fleet

Teslarati

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. In October 2021 , Hertz said it intended to buy $4.2 The losses continued in Q1. billion in Tesla EVs from the company.

Fleet 145
article thumbnail

Antelope Valley adds 16 more BYD electric buses to fleet

Green Car Congress

Antelope Valley Transit Authority (AVTA) is growing its battery-electric fleet with the purchase of 10 K11M 60-foot articulated buses and six K7M 30-foot buses. BYD’s buses exceed Federal Transit Administration “Buy America” requirements, incorporating more than 70% U.S. content.

BYD 511
article thumbnail

Elon Musk comments on Tesla’s pricing strategy following cuts

Teslarati

Tesla has dropped the prices of its electric vehicles (EVs) and its Full Self-Driving (FSD) software over the past few weeks, reigniting larger discussions about the automaker’s overall pricing strategy. “Subscription price will go up once we release FSD. . “Subscription price will go up once we release FSD.

Price 136
article thumbnail

Hertz CEO Leaves After Buying 100,000 Teslas

The Truth About Cars

But few are notable as the debacle at Hertz, a company which most gearheads know decided to buy tens of thousands of electric vehicles only to bin them at severely subvented prices. Just over two years later, the company cited low demand and high repair costs as some reasons for divesting large swaths of its EV fleet.

Buy 115
article thumbnail

Tesla price cuts hinder Hertz earnings as it misses profit estimates

Teslarati

Tesla’s price cuts throughout the third quarter provided challenges for rental company Hertz ( NASDAQ: HTZ ), who adopted the electric automaker’s vehicles in 2021 for its fleet. The swings in pricing hindered Hertz’s Q3 earnings report, as it missed profit estimates. I’d love to hear from you!

Price 145
article thumbnail

Hertz announces ‘strategic decision’ to slash EV fleet

Teslarati

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. Hertz has health with a major decrease in the value of its EV fleet, it said.

Fleet 127
article thumbnail

Hertz reports earnings beat with updates on EV fleet

Teslarati

Hertz ( NASDAQ: HTZ ) reported an earnings beat today that its electric vehicle (EV) fleet adoption and expansion partially contributed to. The rental agency has taken on a widespread EV adoption strategy to help alleviate costs and maintenance within its rental fleet. Hertz made plans to buy 175,000 EVs from GM in September 2022.

Fleet 143