Hertz purchased 100,000 Teslas in anticipation of an EV wave that never came. Now the rental giant has said it will sell tens of thousands of Teslas this year.
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00:00Hertz bet big on Tesla, and now it's losing millions.
00:04In 2021, the rental giant bought 100,000 Teslas, anticipating customers would jump to rent them.
00:10The order pushed Tesla stock to $1 trillion for the first time,
00:14but years later, Tesla started slashing prices to deal with slowing demands.
00:18Cars were also costly to repair and had several recalls.
00:22Now, Hertz is scrambling to sell more cars after reporting that fleet refreshment efforts
00:27had driven per-unit depreciation to $600 a month.
00:31To stem the financial toll,
00:33Hertz's CEO plans to offload the Teslas at a loss and revamp its management team.