Fox News: Hertz Rental Company Selling Off 20,000 Electric Cars

RUSH TRANSCRIPT:
HEINRICH: “The Biden Administration pushes Americans to buy electric cars, hertz is dumping 20,000 electric vehicles in a massive selloff with the rental car company blaming the decision on higher repair costs and EV depreciation. Madison car pinot is live with the latest – scarpino has the latest updates. Madison, this is very interesting.”

SCARPINO: “Hertz is one of the largest rental car companies in the world, and it plans to take the money from selling these evs and put it towards more gas-powered vehicles to meet customer demand. And if you look at some teslas that are up for sale on hertz’s web site right now, some are listed for as low as around $20,000.”

HALVORSON: “The indicate that it comes down to money, to cost. Evs cost a lot more to repair. Those battery packs are extremely expensive to E place.”

SCARPINO: “ 2021 hertz committed to buying 100,000 teslas to build up its EV fleet, but in 2022 and the beginning of 2023, the cost of teslas started to drop, and now it’s impacting costs for the rental car company. Now, the hertz CEO says in an interview earlier this week that the demand if for evs is just not happening as quickly as a hay expected and at a level that justifies keeping a fleet that large. Hertz says the sales of these cars will bring in around a $245 million.”

FIX: “Vehicles used all the time. If not, they’re losing money on each vehicle. So getting rid of 20,000 of them and hopefully finding homes for those is a good idea.”

SCARPINO: “Comes as the Biden Administration is granting $623 million to help build an EV charging network across the country.”