EVs Cause Even More Headaches for Hertz -- Market Talk

Dow Jones

2024/11/12

1003 ET - Hertz hasn't put troubles with EVs in the rearview mirror yet. The car-rental company books a $1 billion charge in 3Q related to falling fleet residual values. EVs may be to blame: Resale values for battery-powered cars and trucks have fallen sharply in the last year as automakers slash prices and ramp up incentives to woo consumers. Hertz earlier this year walked back a major investment in Tesla vehicles, saying it would sell one-third of its EV fleet because of low demand and high repair costs. Hertz shares fall 6.1%. (ben.glickman@wsj.com; @benglickman)

(END) Dow Jones Newswires

November 12, 2024 10:03 ET (15:03 GMT)

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