Hertz Global Holdings ( NASDAQ:HTZ ) First Quarter 2024 Results Key Financial Results Revenue: US$2.08b (up 1.6% from...
Car-rental operator Hertz reported it lost another $200 million due to its EV gamble.
Shares of Hertz Global slumped 24% and were on track for their sharpest one-day percentage fall on record on Thursday after the company reported a wider-than-expected quarterly loss, highlighting its struggles with the EV rental business. Higher repair costs also weighed on the company's overall fleet maintenance expenses. The Estero, Florida-based company said it took a $588 million hit in vehicle depreciation costs during the quarter, of which $195 million was related to EVs held for sale.