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Hertz Global Holdings reported its third-quarter earnings for 2024, revealing a revenue of $2.58 billion, which fell short of the $2.70 billion expected. The company also posted a loss of $0.68 per share, compared to the anticipated loss of $0.50 per share. This wider-than-expected loss has been attributed to high depreciation costs, particularly related to the company's investments in electric vehicles (EVs). Hertz's monthly per-vehicle depreciation has surged to $537, marking an 89% increase from the previous year and more than double the levels seen in 2021. The depreciation of used Tesla vehicles has also been significant, with costs reaching $550 per car per month. The company had acquired these vehicles at peak prices during 2021, when they were valued over $70,000, but they are now available for under $20,000.
Hertz used Tesla EV car depreciation has now reached $550 per car per month. A used Model 3 at Hertz can now be had for under 20K. Remember Hertz bought these cars at peak of insanity in 2021 when they sold for 70K plus tax. Great car for use as local driving golf cart.
EV depreciation is still eating Hertz alive: Yesterday, the rental giant reported that monthly per-vehicle depreciation was $537 as of Q3 — 89% higher than a year ago — and more than double 2021 levels. The primary reason? Healthier new EV supply and incentives are pushing…
Hertz tumbled after the company reported a worse-than-expected loss stemming from the rental-car company’s failed bet on electric vehicles and depreciation costs pummeling earnings for the past year. https://t.co/OuUgUidMg5 https://t.co/z6kBHFcIq6