Hertz Abandons EV Strategy, Sells 20,000 Electric Cars Amid Price Drop

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Hertz Abandons EV Strategy
Hertz Abandons EV Strategy

In a surprising reversal, Hertz is ditching its plan to become a major electric vehicle rental company. The car rental giant is selling off 20,000 electric cars from its US fleet, with an average price tag of $25,000 each.

This decision comes despite strong growth in the whole EV market, with US sales quadrupling between 2020 and 2023. However, recent data shows a decline in demand for used EVs, with prices dropping over 30% this year.

This shift in consumer preference, coupled with potentially higher maintenance costs for electric vehicles, has led Hertz to refocus on gasoline-powered cars to meet customer needs. This strategic move comes after Hertz’s ambitious 2021 Tesla deal, which aimed to purchase 100,000 electric vehicles.

Hertz Abandons EV Strategy
Hertz Abandons EV Strategy (Hertz)

However, following its 2020 bankruptcy filing, Hertz only acquired 30,000 Teslas before halting the order. The leadership change at Hertz, with Gil West replacing former CEO Stephen Scherr, also coincides with this shift away from electric vehicles.

In the market for a quality used electric vehicle. Hertz Car Sales might be a good fit. They sell a wide variety of pre-owned cars, including a substantial selection of Teslas (1,047 to be exact). These electric vehicles have undergone a thorough inspection process to ensure they are in good condition and come with a standard warranty for the powertrain.

Plus, Hertz offers extended protection plans for additional peace of mind. Unsure if an EV is right for you? No problem! Take advantage of their unique Rent2Buy program to test drive a car for three days. If you love it, you can buy it and the rental fees are waived!

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