RE:RE:This is what ev will do people , look hertz The rental-car company reported third-quarter adjusted profit of 70 cents a share, below the 77-cent average estimate of analysts surveyed by Bloomberg. Excluding EV costs, Hertz probably would have met Wall Street expectations, Scherr said.
Shares of Hertz fell as much as 15% in New York. The stock was already trading at record lows after losing a third of its value since the beginning of the year.
Hertz will slow the pace of buying EVs while it learns how to manage costs, Scherr said. Hertz has 50,000 EVs currently, of which 35,000 are Tesla models. EVs account for about 11% of its total fleet.
Scherr said Hertz remains committed to buying 100,000 cars from Tesla and 175,000 EVs from General Motors Co., but the rental company won’t meet its goal to have EVs account for 25% of the fleet by the end of 2024, he said. The first order of business is to work with parts suppliers to lower repair costs. As EV prices settle, Hertz will buy more of them, he said.