Suncor Energy Inc. T.SU

Alternate Symbol(s): SU

Energy Oil & Gas Integrated

Suncor Energy Inc. is a Canada-based integrated energy company. The Company's segments include Oil Sands, Exploration and Production (E&P), and Refining and Marketing. Its operations include oil sands development, production and upgrading, offshore oil and gas production, petroleum refining in Canada and the United States and its Petro-Canada retail and wholesale distribution networks, including Canada’s Electric Highway, a coast-to-coast network of fast-charging electric vehicles (EV) stations. Petro-Canada has a network of over 1,800 retail and wholesale locations across Canada, providing customers with a wide variety of fuel and service offerings including low-carbon fuel options. It is developing petroleum resources while advancing the transition to a low-emissions future through investment in power and renewable fuels. It also wholly owns the Fort Hills Project, which is located in Alberta's Athabasca region, approximately 90 kilometers north of Fort McMurray.

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Suncor Energy Inc. > Hertz loses another $200 million from its EVs

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Post by lifeisgood1010on Apr 25, 2024 3:19pm

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Post# 36007800

Hertz loses another $200 million from its EVs

News for the battery boys.

SU is hitting high not seen since 2018.

While Hertz is losing on it's EV GAMBLE.Hertz is down 21% today alone.

Staying long.

Car rental operator Hertz (HTZ) reported it lost another $200 million due to its EV gamble.

In its first quarter earnings report, Hertz said it “upsized” its prior EV fleet drawdown plans by an additional 10,000 EVs, which led to the company incurring a $195 million charge to vehicle depreciation for writing down the value of EVs held for sale.

The company previously said it would sell off 20,000 EVs from its fleet, meaning it will now dispose of 30,000 EVs in its fleet through the end of 2024. Add today’s charge to the $245 million write-down taken in Q4, and the company has now lost $440 million on its EV gambit.

Hertz’s EV fleet — which once stood at 60,000 EVs, will be cut down to half that at 30,000 EVs. A third of Hertz’s EV fleet was from Tesla (TSLA), with the rest coming from Polestar (PSNY), Volvo (VLVLY), and Chevrolet (GM).

For the quarter, Hertz reported an adjusted loss of $1.28 a share, wider than the $0.44 loss analysts were expecting. Hertz reported an adjusted net income loss of $392 million, more than double the $147 million loss expected.

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