Rental car giant Hertz is dramatically expanding its electric vehicle selloff program, with used Tesla Model 3s now available for under $20,000 as the company grapples with mounting EV depreciation costs. Hertz’s heavy investment in Tesla EVs has been a disaster causing massive losses and the loss of its CEO.
Inside EVs reports that Hertz’s ambitious electric vehicle program has hit another significant roadblock, with the company reporting an 89 percent increase in EV depreciation costs, amounting to $537 per vehicle per month. The rental car company has committed to selling 30,000 electric vehicles from its fleet by the end of 2024, marking a stark reversal from its earlier EV adoption strategy.
The company’s current predicament stems from its bold 2021 initiative to “go green,” which included plans to purchase 100,000 Tesla Model 3s. While this initial vision…
