Hertz’s stock fell by more than 20 % on Thursday after the automaker reported significant losses as a result of its investment in electric vehicles ( EVs ).
For decades, Hertz has been struggling after going all- in on Vehicles. On Thursday, Hertz executives said it lost$ 1.28 per share in the first quarter, several times larger than Wall Street’s measure of a reduction of 45 percent per share.
Even though Hertz’s company was really busier than anticipated, the wider-than-expected loss resulted. The company took in$ 2.1 billion in revenue, slightly outpacing expectations.
In January, Hertz professionals announced , that they would buy 20, 000 Vehicles from their ships, which accounts for about 33 percent of the company’s overall amount of Vehicles.  , This year, Hertz professionals said they would offer an extra 10, 000 EVs from their ships this season.
In exchange, the business is purchasing gasoline-powered vehicles, which according to managers are much more in demand than Batteries.  , That lack of demand means delays for Hertz’s plans to buy 175, 000 EVs from General Motors ( GM ) and 65, 000 EVs from Polestar.
” Fleet and strong working costs weighed on this month’s functionality”, Hertz CEO Gil West said. We’re addressing both issues by ensuring that there is a sufficient supply of vehicles at a fair investment cost while lowering operating costs and productivity.
After Stephen Scherr quit following the EV disaster, West was appointed CEO.
John Binder is a writer for Breitbart News. Email him at [email protected]. Following him on Twitter , below.
