Hertz Shares Crash with Another Electric Vehicle Wreck

Shares of rental car giant Hertz plunged by more than 20 percent on Thursday after the company reported huge losses related to its investment in Electric Vehicles (EVs).

For months, Hertz has been struggling after going all-in on EVs. On Thursday, Hertz executives said it lost $1.28 per share in the first quarter, many times larger than Wall Street’s estimate of a loss of 45 percent per share.

The wider-than-expected loss came even though business was actually busier than expected for Hertz. The company took in $2.1 billion in revenue, slightly outpacing expectations.

In January, Hertz executives announced that they would sell 20,000 EVs from their fleet, which accounts for about 33 percent of the company’s total number of EVs. This week, Hertz executives said

Continue reading