TRANS You Can't Make This Up: Car Rental Giant 'Hertz' to Sell 20,000 Used Electric Cars as It Pivots Back to Gas-Fueled Cars

Macgyver

Macgyver

Has No Life - Lives on TB
So, I don't know if we had a thread on this already or I read about it in the past.
Rumor was they had 100k of them and half were dedicated to there partnership with uber or lift.
The ones the rid share drivers were using are getting driven into the ground millage wise and they realized they were not going to be able to flip the vehicles into the used market like they normally did.

Also have read some stories about people renting them and essentially spending hours (the rental company includes all the recharges for free at the tesla charges because of some deal with them) of there first day charging them.
Apparently very few rental companies have chargers for them.


www.thegatewaypundit.com

You Can't Make This Up: Car Rental Giant 'Hertz' to Sell 20,000 Used Electric Cars as It Pivots Back to Gas-Fueled Cars | The Gateway Pundit | by Jim Hᴏft

Hertz Global Holdings Inc., once a leading advocate for electrifying its vehicle fleet, has announced plans to offload approximately a third of its U.S.
www.thegatewaypundit.com www.thegatewaypundit.com

You Can't Make This Up: Car Rental Giant 'Hertz' to Sell 20,000 Used Electric Cars as It Pivots Back to Gas-Fueled Cars​


Hertz Global Holdings Inc., once a leading advocate for electrifying its vehicle fleet, has announced plans to offload approximately a third of its U.S. electric vehicles (EVs), citing sluggish demand and burdensome maintenance costs, Bloomberg reported.
The move marks a significant retreat from the company’s ambitious electric transition initiated just a few years ago.
“As part of our dedication to personalized service and seamless travel, we offer electric vehicle (EV) rental cars in North America. Our selection of quality electric rental cars – the vehicles of tomorrow – lets you choose a greener way to travel with models from Polestar, Tesla, and more available,” according to the Hertz website.

The company added, “Our broad selection of electric vehicles lets you choose a greener way to travel. Our innovative EV fleet options boast ample power and advanced features that make journeys comfortable and convenient. And with no tailpipe emissions, EVs are helping to make the air in our towns and cities cleaner.”
Hertz began the sale of 20,000 EVs last month, a disposal that is slated to proceed throughout 2024. This divestment was disclosed in a recent regulatory filing where the company also noted an expected non-cash charge of around $245 million for the fourth quarter, attributed to increased net depreciation expenses.

In 2021, the company made headlines by ordering 100,000 vehicles from Tesla Inc., signaling strong confidence in the burgeoning EV market. However, the reality has proven less optimistic. EV sales, which saw a mere 1.3% increase in the last quarter of 2023, have been hampered by high prices and rising interest rates.
“The elevated costs associated with EVs persisted,” stated Hertz CEO Stephen Scherr. “Efforts to wrestle it down proved to be more challenging than anticipated.”

In the wake of the announcement, Hertz’s stock took a hit, dropping 4.3% to $8.95 in morning trading in New York, reflecting a continuing decline after a 32% fall in the previous year, according to Bloomberg.
The company’s strategic shift includes a more cautious approach to acquiring EVs. Hertz’s existing agreements to purchase 175,000 EVs from General Motors Co. and 65,000 from Polestar over the coming years may now face delays. Funds from the EV sale will be reallocated to procure gas-powered vehicles, in an effort to “better balance supply against expected demand.”
 
ainitfunny

ainitfunny

Saved, to glorify God.
Actually, this is the big reveal of electric cars.
They are, and will stay, a small niche market, not for everyone.

This truth will kill the "universal" TRANSITION to electric vehicles, first bringing the automotive industries conversion to a screeching halt, defying the LIE that technology ( at this point) has the ability to make
them as cheap, Practical and useful as fossil fueled
vehicles, they can't.

Anything tool or vehicle that depends on the electric grid availabilty, yet has to be
used continuously where NO electric power is available is better served by gasoline engines. "Refueling" electrc powered battery products can take a lot of time. Sometimes stopping work or transport for hours. Batteries are exhorbatently expensive, sometimes costing as much as half or even more than the tool. For vehicles it's $12 to $15+ Thousand dollars or more. Thats enough of. a reason to junk an electric car, EVEN before the car itself has worn out.
 
Last edited:
ainitfunny

ainitfunny

Saved, to glorify God.
Macgyver said:
So, I don't know if we had a thread on this already or I read about it in the past.
Rumor was they had 100k of them and half were dedicated to there partnership with uber or lift.
The ones the rid share drivers were using are getting driven into the ground millage wise and they realized they were not going to be able to flip the vehicles into the used market like they normally did.

Also have read some stories about people renting them and essentially spending hours (the rental company includes all the recharges for free at the tesla charges because of some deal with them) of there first day charging them.
Apparently very few rental companies have chargers for them.


www.thegatewaypundit.com

You Can't Make This Up: Car Rental Giant 'Hertz' to Sell 20,000 Used Electric Cars as It Pivots Back to Gas-Fueled Cars | The Gateway Pundit | by Jim Hᴏft

Hertz Global Holdings Inc., once a leading advocate for electrifying its vehicle fleet, has announced plans to offload approximately a third of its U.S.
www.thegatewaypundit.com www.thegatewaypundit.com

You Can't Make This Up: Car Rental Giant 'Hertz' to Sell 20,000 Used Electric Cars as It Pivots Back to Gas-Fueled Cars​


Hertz Global Holdings Inc., once a leading advocate for electrifying its vehicle fleet, has announced plans to offload approximately a third of its U.S. electric vehicles (EVs), citing sluggish demand and burdensome maintenance costs, Bloomberg reported.
The move marks a significant retreat from the company’s ambitious electric transition initiated just a few years ago.
“As part of our dedication to personalized service and seamless travel, we offer electric vehicle (EV) rental cars in North America. Our selection of quality electric rental cars – the vehicles of tomorrow – lets you choose a greener way to travel with models from Polestar, Tesla, and more available,” according to the Hertz website.

The company added, “Our broad selection of electric vehicles lets you choose a greener way to travel. Our innovative EV fleet options boast ample power and advanced features that make journeys comfortable and convenient. And with no tailpipe emissions, EVs are helping to make the air in our towns and cities cleaner.”
Hertz began the sale of 20,000 EVs last month, a disposal that is slated to proceed throughout 2024. This divestment was disclosed in a recent regulatory filing where the company also noted an expected non-cash charge of around $245 million for the fourth quarter, attributed to increased net depreciation expenses.

In 2021, the company made headlines by ordering 100,000 vehicles from Tesla Inc., signaling strong confidence in the burgeoning EV market. However, the reality has proven less optimistic. EV sales, which saw a mere 1.3% increase in the last quarter of 2023, have been hampered by high prices and rising interest rates.
“The elevated costs associated with EVs persisted,” stated Hertz CEO Stephen Scherr. “Efforts to wrestle it down proved to be more challenging than anticipated.”

In the wake of the announcement, Hertz’s stock took a hit, dropping 4.3% to $8.95 in morning trading in New York, reflecting a continuing decline after a 32% fall in the previous year, according to Bloomberg.
The company’s strategic shift includes a more cautious approach to acquiring EVs. Hertz’s existing agreements to purchase 175,000 EVs from General Motors Co. and 65,000 from Polestar over the coming years may now face delays. Funds from the EV sale will be reallocated to procure gas-powered vehicles, in an effort to “better balance supply against expected demand.”
Click to expand...
No, thats a smart decision to get rid of EV's, thats a reason to BUY HERTZ STOCK!
 
W

Wyominglarry

Veteran Member
A bit off topic. I was at the market today and the car parked next to me was a Tesla. It would not start and the owner told me the cold weather, it was -18 last night, caused his battery to be drained. Tonight it will get down to -30. Good luck with charging your car.
 
P

Profit of Doom

Dismember
Wyominglarry said:
A bit off topic. I was at the market today and the car parked next to me was a Tesla. It would not start and the owner told me the cold weather, it was -18 last night, caused his battery to be drained. Tonight it will get down to -30. Good luck with charging your car.
Click to expand...
And using it, since using the cabin heat also depletes the motor batteries, instead of using the free waste heat from the engine.
 
lostinaz

lostinaz

Senior Member
EVs make ZERO sense for a rental fleet. Repairs are way more costly (get into a little bumper thumper that "may" have damaged the battery? Pay $30K!), and rental cars need to be cleaned and flipped to the next driver. EVs can't since they need recharging. This means every rental needs a day of downtime just to charge. The expectation is that rental cars are returned with a full tank of gas. Doubt it for EVs.
 
Reasonable Rascal

Reasonable Rascal

Veteran Member
Wyominglarry said:
A bit off topic. I was at the market today and the car parked next to me was a Tesla. It would not start and the owner told me the cold weather, it was -18 last night, caused his battery to be drained. Tonight it will get down to -30. Good luck with charging your car.
Click to expand...
But I bet he feels all warm from making a positive contribution to the environment by choosing electric.

RR
 
Doc1

Doc1

Has No Life - Lives on TB
I know how to make electric vehicles more practical and less expensive. Develop and use standard sized plain old lead acid batteries. Less range, yes, but they are endlessly recyclable. A chain of battery stores - just like you have chains of muffler and brake shops - could quickly swap out the old battery for a new one at much, much less cost than the high tech batteries currently installed in new EVs.

Lead-acid battery technology has been around for well over a hundred years and is well understood. Everything in a lead acid battery, including the lead plates, the acid and the battery case, is not only inexpensive, but can easily be remanufactured.

I guess this solution makes too much sense for the big brains currently designing EVs.

Best
Doc
 
mistaken1

mistaken1

Has No Life - Lives on TB
As Troke likes to point out EVs and driving will be for the better class not the peons. Peons will walk to get around their fifteen minute work compounds but only during outside exercise periods.
 
AlfaMan

AlfaMan

Has No Life - Lives on TB
Macgyver said:
So, I don't know if we had a thread on this already or I read about it in the past.
Rumor was they had 100k of them and half were dedicated to there partnership with uber or lift.
The ones the rid share drivers were using are getting driven into the ground millage wise and they realized they were not going to be able to flip the vehicles into the used market like they normally did.

Also have read some stories about people renting them and essentially spending hours (the rental company includes all the recharges for free at the tesla charges because of some deal with them) of there first day charging them.
Apparently very few rental companies have chargers for them.


www.thegatewaypundit.com

You Can't Make This Up: Car Rental Giant 'Hertz' to Sell 20,000 Used Electric Cars as It Pivots Back to Gas-Fueled Cars | The Gateway Pundit | by Jim Hᴏft

Hertz Global Holdings Inc., once a leading advocate for electrifying its vehicle fleet, has announced plans to offload approximately a third of its U.S.
www.thegatewaypundit.com www.thegatewaypundit.com

You Can't Make This Up: Car Rental Giant 'Hertz' to Sell 20,000 Used Electric Cars as It Pivots Back to Gas-Fueled Cars​


Hertz Global Holdings Inc., once a leading advocate for electrifying its vehicle fleet, has announced plans to offload approximately a third of its U.S. electric vehicles (EVs), citing sluggish demand and burdensome maintenance costs, Bloomberg reported.
The move marks a significant retreat from the company’s ambitious electric transition initiated just a few years ago.
“As part of our dedication to personalized service and seamless travel, we offer electric vehicle (EV) rental cars in North America. Our selection of quality electric rental cars – the vehicles of tomorrow – lets you choose a greener way to travel with models from Polestar, Tesla, and more available,” according to the Hertz website.

The company added, “Our broad selection of electric vehicles lets you choose a greener way to travel. Our innovative EV fleet options boast ample power and advanced features that make journeys comfortable and convenient. And with no tailpipe emissions, EVs are helping to make the air in our towns and cities cleaner.”
Hertz began the sale of 20,000 EVs last month, a disposal that is slated to proceed throughout 2024. This divestment was disclosed in a recent regulatory filing where the company also noted an expected non-cash charge of around $245 million for the fourth quarter, attributed to increased net depreciation expenses.

In 2021, the company made headlines by ordering 100,000 vehicles from Tesla Inc., signaling strong confidence in the burgeoning EV market. However, the reality has proven less optimistic. EV sales, which saw a mere 1.3% increase in the last quarter of 2023, have been hampered by high prices and rising interest rates.
“The elevated costs associated with EVs persisted,” stated Hertz CEO Stephen Scherr. “Efforts to wrestle it down proved to be more challenging than anticipated.”

In the wake of the announcement, Hertz’s stock took a hit, dropping 4.3% to $8.95 in morning trading in New York, reflecting a continuing decline after a 32% fall in the previous year, according to Bloomberg.
The company’s strategic shift includes a more cautious approach to acquiring EVs. Hertz’s existing agreements to purchase 175,000 EVs from General Motors Co. and 65,000 from Polestar over the coming years may now face delays. Funds from the EV sale will be reallocated to procure gas-powered vehicles, in an effort to “better balance supply against expected demand.”
Click to expand...
I had to laugh about this article.

Because I've spent 2 days this week at one of this company's locations locally, inspecting these same cars they're talking about in this article. I've personally inspected 32 Tesla Model 3's of their EV fleet this week.

Hertz is losing their a** on EVs. 245 million dollars in depreciation costs, for starters. Those $50k Teslas are worth 25K after a year of renting them. And once they're wrecked, anything over X dollars in damage is not repaired. They're sent to CoPart ( a chain of dealer only auctions specializing in wrecked and rebuildable wrecked cars) because they cost more to fix than the car is worth. Being cars that are quiet at all speeds; and the fact they have gobs more torque than most drivers are used to; it means they're being wrecked at a very high rate. Teslas do NOT take a hit well, folks. Not well at all.

And you can't slap a Tesla on a frame machine to pull out a damaged apron or quarter panel unless you REALLY know what your'e doing. Aluminum unibodies with bonded (IE glued together) stub rails and floor panels is how these cars are built. I've heard from more than one shop where they put a crashed Tesla on a frame machine, started pulling out the damaged part and bonded parts on the other side of the vehicle break loose!

And poorly designed. The actuator arm that raises and lowers the trunk at the push of a button is too powerful. Over time that arm actually warps the trunk lid on the actuator side (drivers side is where it's located). I wrote 5 of them with warped trunk lids this week.
The model 3's I looked at this week all have panoramic glass roofs, the glass is maybe 4 mils thick (same thickness as a Nissan Altima's rear window, incidentally). There's two glass pieces that make up the roof and rear window on a Model 3-on every car I looked at the right rear side of the front piece of glass was a good 4mm higher than the rest of the glass edges. Sloppy.......

And they are beat to death too. The cars I've looked at average around 48-100 k miles on them (yes, 100K miles on a model 3 in a one year period.). Now rental cars get used and beat up over the time they have been rented. A lot of the ones I looked at were Uber cars.

Common damages on the cars I've looked at this week were scratching and gouging of the passenger side lower bumper, paint work on the front bumper cover and hood. I've also seen a number with previous repairs on the right rear quarter panel. Some I've seen have dented and scratched quarter panel extensions (dogleg) and right rear doors suffering the same damage. Denting the dogleg is structural damage, folks. I saw one with a cracked (glass panoramic) roof; nearly every one I did had the "leather" worn off the leather wrapped steering wheels. Also, the driver seat power control panels on the side of the driver seat was cracked and loose on 6 of them. I also had one that ran TMU (true mileage unknown) because the center screen (which is the instrument panel, nav screen, heating and AC controls, audio screen all in that one screen) was cracked-like a tablet and was totally non functional. A minimum $ 2800 buck repair, folks.

And I can't say what prices the cars I looked at are being wholesaled for; but the low low prices you're hearing in the press are pretty doggone accurate.

Hertz has a number of Chevy Bolts in the fleet, they seem to be a bit less annoying to the company. They also have a number of Polecats (Polestar EV's, that's what we call them, because they stink! The Polestar EV are wholly Chinese made cars and shipped to the US. They're junk too.

This company's issues with electric vehicle operations should be a bellweather to the rest of the car rental industry, and the public in general. EV's are a good fad-but this fad is rapidly fading.
 
Kris Gandillon

Kris Gandillon

The Other Curmudgeon
_______________
Doc1 said:
I know how to make electric vehicles more practical and less expensive. Develop and use standard sized plain old lead acid batteries. Less range, yes, but they are endlessly recyclable. A chain of battery stores - just like you have chains of muffler and brake shops - could quickly swap out the old battery for a new one at much, much less cost than the high tech batteries currently installed in new EVs.

Lead-acid battery technology has been around for well over a hundred years and is well understood. Everything in a lead acid battery, including the lead plates, the acid and the battery case, is not only inexpensive, but can easily be remanufactured.

I guess this solution makes too much sense for the big brains currently designing EVs.

Best
Doc
Click to expand...
How many kWh of charge can a “standard size, plain old, lead acid battery” hold?

My Bolt EV battery holds 66 kWh. I get between 4 and 5 miles per kWh.
 
Last edited:
tnphil

tnphil

Don't screw with an engineer
Knoxville's Joker said:
Power in Watts is Volts times amp hours. So a 100AH battery that is 12 volts is 1.2kwh...
Click to expand...
Power in watts is volts times amps, in a resistive circuit. In a circuit with a reactive load, it's not that simple. Any circuit with a motor has a reactive load.
Amp hour ratings for any battery will vary by load-a 100AH battery may provide 1A to a load for 100 hours, but is unlikely to provide 2A for 50 hours.
 
Last edited:
P

Profit of Doom

Dismember
Doc1 said:
I know how to make electric vehicles more practical and less expensive. Develop and use standard sized plain old lead acid batteries. Less range, yes, but they are endlessly recyclable. A chain of battery stores - just like you have chains of muffler and brake shops - could quickly swap out the old battery for a new one at much, much less cost than the high tech batteries currently installed in new EVs.

Lead-acid battery technology has been around for well over a hundred years and is well understood. Everything in a lead acid battery, including the lead plates, the acid and the battery case, is not only inexpensive, but can easily be remanufactured.

I guess this solution makes too much sense for the big brains currently designing EVs.

Best
Doc
Click to expand...
There would be a serious problem with weight/distance factors. Lithium is the best choice, if you ignore cost, mining/recycling, fires, and the rest of it. Might consider a system where lead battery packs are easily swapped as Tesla has done. The could reduce the range and charge problems. A pair of packs would probably be cheaper than a single lithium. A charging station with many packs ready to swap might be interesting.
 
tnphil

tnphil

Don't screw with an engineer
Kris Gandillon said:
I think the big factor is that the Bolt EV battery can deliver 350 volts to the electric motor, which a standard single lead acid battery cannot do.
Click to expand...
It can, with a step-up switcher, just not with any current capacity.

Then again, lead acid batteries don't typically cause fires that can torch half a city block. They aren't banned to being flown on commercial aircraft. They don't typically burn homes down (remember those Segues?).

If you wanna ride down the highway, for limited miles, with limited charging options atop a 500lb bomb, no one will stop you.

EVs will never match the energy density of any fossil fuels.
 
You must log in or register to reply here.
Top