Hertz Steps Up Efforts to Dump EV Fleet

Hertz is stepping up its efforts to rid itself of its fleet of EVs, making renters bottom-dollar offers if they want to purchase a vehicle....
Hertz Steps Up Efforts to Dump EV Fleet
Written by Matt Milano

Hertz is stepping up its efforts to rid itself of its fleet of EVs, making renters bottom-dollar offers if they want to purchase a vehicle.

Under CEO Stephen Scherr, Hertz engaged in a high-stakes gamble to electrify its rental fleet, embarking on a plans to purchase some 100,000 Teslas, as well as partnering with Tom Brady for a promotional campaign.

“Electric vehicles are now mainstream, and we’ve only just begun to see rising global demand and interest,” said then-interim CEO Mark Fields. “The new Hertz is going to lead the way as a mobility company, starting with the largest EV rental fleet in North America and a commitment to grow our EV fleet and provide the best rental and recharging experience for leisure and business customers around the world.”

When the strategy failed, Scherr resigned his position and the company said it would sell one-third of the EVs it had already purchased, or roughly 20,000 vehicles.

According to posts on Reddit, Hertz is offering EV renters drivers bottom-dollar prices for some Teslas. While the Kelly Blue Book Fair Purchase Price is roughly $28,508 for a 2023 Model 3 with less than 30,000 miles, Hertz is offering to sell it to renters for as little as $17,913.

Hertz’s EV fire sale is yet another indication of just how much demand for EVs has cooled in recent months. Ford and Volkswagen have both made significant changes to their strategies as a result of ongoing challenges in the EV industry.

Hertz’s misfortunes are consumers’ gains, however. It’s a safe bet many will take advantage of the available deals.

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