HomeBussinessCar rental firm Hertz hit by huge loss as it reverses big...

Car rental firm Hertz hit by huge loss as it reverses big bet on Teslas

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Car rental company Hertz is trying to sell 30,000 electric cars by the end of the year. Photo: Getty

Hertz reported a loss that was nearly three times worse than analysts expected as it accelerated sales of electric vehicles to reduce its fleet of Tesla models that have weighed on profits for the past year.

The company said it lost $1.28 a share, or $392m (€365m), against analyst expectation for a loss of 44 cents a share. The car rental company took a $195m (€182m) charge for the depreciation of an additional 10,000 EVs that Hertz is now holding for sale. While the company met revenue expectations, it is trying to quickly work past its failed bet on electric vehicles that resulted in lower rental rates and higher costs.

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