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Hertz to sell off one-third of its EVs, replace with gas cars

Hertz will sell off one-third of its electric vehicles (EVs) and will replace some of its global fleet with gas-powered cars, driven by higher costs and soft demand. The decision to sell off 20,000 EVs came as the cost of repairs for its EV fleet, mostly made up of Teslas, has been higher than expected,…

Hertz will sell electric cars after being burned by Tesla s price cuts

The decision by Hertz to sell one-third of its electric vehicle fleet due to rapid depreciation has raised concerns about the viability of EVs. The company cited high repair costs and an increased likelihood of collisions as contributing factors. Critics, including Senator John Barrasso, seized on the news to argue against Biden administration policies promoting electric vehicles. Hertz CEO Stephen Scherr partly blamed Tesla s price cuts for the depreciation, while also acknowledging the need for further market development. Despite this setback, industry experts emphasize that there is still a growing market for electric vehicles in the United States.

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