Hertz pulls back on EV and Ford slowing dev.Surely Hertz knows a thing or two more than many poster on EV mainteneance cost
Took this article from CNBC.
Hertz pulls back on EV plans citing Tesla price cuts, high repair costs
- Hertz Global is slowing down the pace by which it adds battery electric vehicles to its fleet, executives said on a third-quarter earnings call on Thursday.
- The rental car company cited Tesla's price cuts negatively impacting the resale value of its EVs, and higher than expected repair costs for EVs as a reason to slow its pace of electrification.
- Hertz now has 35,000 Tesla vehicles and around 50,000 electric vehicles in its fleet -- far shy of the 100,000 Teslas that Hertz originally said it was ordering and expected by the end of 2022.
- Hertz is pumping the brakes on plans to electrify more of its rental car fleet after EV repair costs came in higher than the company anticipated, and after Tesla price cuts reduced the resale value of the majority of electric cars in its fleet by about one-third.
- ================================
Ford is tapping the brakes harder on a shift to electric vehicles, something it signaled in July. Lawler said on the conference call with analysts that Ford will “push out” $12 billion in EV-related investments, part of the $50 billion it has earmarked for spending on EVs.
A second planned battery plant in Kentucky with South Korean partner SK ON is being delayed, he said. Ford also is reducing production of the electric Mustang Mach-E at a plant in Mexico that was expanded earlier this year.
The carmaker’s struggles in its nascent electric vehicle business, known as Model e, resulted in a loss before interest and taxes of $1.33 billion in the quarter ended Sept. 30, more than the $1.27 billion loss analysts expected.
Lighting Sales Plunge
Sales of Ford’s signature EV, the F-150 Lightning, plunged 46% in the quarter as the company shut its factory for expansion, delayed delivery of trucks for “quality checks” and temporarily laid off workers at the plant for what the company called “multiple constraints.”