Green Nightmare: Hertz Accelerates Tesla Selloff as EV Fleet Depreciation Slams Rental Giant

Green Nightmare: Hertz Accelerates Tesla Selloff as EV Fleet Depreciation Slams Rental Giant

https://www.windtaskforce.org/profiles/blogs/green-nightmare-hertz-...

 LUCAS NOLAN

16 Nov 2024

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Rental car giant Hertz is dramatically expanding its electric vehicle selloff program, with used Tesla Model 3s now available for under $20,000 as the company grapples with mounting EV depreciation costs.

Hertz’s heavy investment in Tesla EVs has been a disaster causing massive losses and the loss of its CEO.

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Inside EVs reports , Hertz’s ambitious electric vehicle program has hit another significant roadblock, with the company reporting an 89% increase in EV depreciation costs, amounting to $537 per vehicle per month.

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The rental car company has committed to selling 30,000 electric vehicles from its fleet by the end of 2024, marking a stark reversal from its earlier EV adoption strategy.

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The company’s current predicament stems from its bold 2021 initiative to “go green,” which included plans to purchase 100,000 Tesla Model 3s.

While this initial vision appeared promising, with benefits including reduced maintenance costs and strong customer interest, the strategy has since encountered numerous challenges that have forced a significant course correction.

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A primary factor in Hertz’s EV difficulties has been Tesla’s multiple price reductions, which have severely impacted the residual value of the rental fleet.

These price cuts have created a ripple effect throughout the used EV market, leading to accelerated depreciation of Hertz’s electric vehicle assets.

The company is now offering used Tesla Model 3s at prices below $20,000, with additional savings possible through the $4,000 federal tax credit available for used EVs.

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The financial impact has been substantial.

Beyond the depreciation costs, Hertz has discovered that its Tesla fleet hasn’t delivered the anticipated cost savings.

Repair expenses have exceeded expectations, and the company has experienced higher-than-anticipated collision rates with its Tesla vehicles, resulting in significant restoration costs and extended repair times.

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These compounding factors have contributed to multiple quarters of losses, resulting in the resignation of CEO Stephen Scherr earlier this year.

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The financial nightmare has Hertz’s new leadership to initiate a widespread divestment of its EV fleet.

The company plans to maintain only enough electric vehicles to meet actual customer demand for EV rentals, marking a significant scaling back of its original electric mobility ambitions.

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The selloff program will continue through 2025, with the company attempting to minimize losses as used EV values continue to decline.

Current market prices for these vehicles appear to be stabilizing between $20,000 and $25,000, providing some predictability to the company’s loss mitigation efforts.

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Affordability, Charging-Infrastructure, & Range-Anxiety Continue To Keep Americans From Embracing EVs

https://www.windtaskforce.org/profiles/blogs/affordability-charging...

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A number of factors have decreased buying of EVs, including among environmentally conscious consumers. Various sources, including FT reported   about the following issues:

1) high EV prices (increase monthly lease payments),

2) high financing interest rates (increase monthly lease payments),

3) short driving range,

4) lack of charging infrastructure,

5) high insurance cost,

6) high on-the-road charging cost 

7) time wasted sitting in vehicle while charging; it takes 5 minutes to fill a gas tank to get about 500 miles of driving, but it take at least 1 to 2 hours to fast-charge a EV battery to get 250 miles of driving

That waste is enormous, if you multiply that time by millions of EVs charged per day.
That waste will make the US worker less productive, further lower his standard of living.

8) high repair and bodyshop cost, and long times for bodyshops to get parts

9) very low resale/trade-in value,

10) low-range during hot and cold weather, especially with a few passengers and some luggage

11) more rapid wear of tires and brakes and expensive replacement cost

12) spending at least "$15000 + labor + hazardous landfill charge" to replace an EV battery in an 8-y-old car

13) worrying about having enough charge, and where to charge, when making a longer trip from A to B

14) worrying about the battery catching fire, while parked in the garage, or on the road

15) inability for an EV to tow almost anything for some distance, without having to recharge along the way

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Everett Eissenstat, a former senior US Trade Representative told FT: “There is no question, this list of woes is an explanation of the very slow EV adoption in the US and in Europe. We are just not producing EVs consumers need at prices plus other costs, they can afford”.  That meager result is after more than 10 years of high subsidies, and Media hype.

Harvard Business School, HBS, study examined more than one million customer reviews of charging stations from North America, Europe and Asia over 10 years, finding :

1) EV drivers can expect non-residential charging systems to not work approximately 20% of the time,

2) some of America’s more rural regions are effectively “charging deserts.”

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A Program for a Greater America with a Much Smaller Federal Government

https://www.windtaskforce.org/profiles/blogs/a-program-for-a-greate...

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After winning in 2016, Trump was a political neophyte stepping into the lion’s den of the Obama-leaning federal bureaucracy 

Some of his “best” advisors/aides turned out to be not his soul mates, and/or were two-faced, some were Deep State creatures.

When his high-level advisors, with their own agendas, could not control him, as they do Biden/Harris, they undermined him. Pompeo and Haley come to mind

https://www.zerohedge.com/political/neo-cons-not-welcome-trump-publ....

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Trump is a creative developer/builder, a mover and shaker, as was his father, as are his sons, as are Musk, RFK, jr., Ramaswamy, etc.

The US and World needs such people near the top. 

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The Extent of the 2020 Election Fraud, by the Numbers

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The table shows ballots counted in recent Presidential Elections.

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In 2016, Democrats were caught flatfooted, because they thought a politically naive Trump was a joke, who would easily be defeated by well-known, Party-stalwart Hillary, so no additional precautions/cheating was thought necessary.

Much to Democrat surprise and dismay, Trump greatly outperformed, and, incredibly, Hillary lost. She still is not "over it"

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In 2020, the Democrat Party had taken “never-again” precautions.

Five swing states illegally stopped ballot-counting at about 10 PM on Election night, to take stock.

Trump had massive leads in these states at 10 PM on Election night

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After ballot-counting supervisors were sent home at 10 PM, more than 15 million filled-in ballots magically appeared from all over the place, for several days, to pad Biden’s numbers. The aim was to get Biden-in-the basement over the hump.

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In Georgia, ballot-counting supervisors were sent home at 10 PM. They had been told the counting was stopped, to give people some rest, to be resumed the next day. 

When people had left the counting space, new ballot-counting people appeared.

Suitcases with filled-in ballots had been hidden under tables shrouded with black cloths.

They were rolled to counting stations, where each ballot was run multiple times through tabulators.

Initially, all was denied

However, someone had forgotten to turn off the CCTV system, which recorded all actions from multiple angles.

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The Media were in full collusion/justification mode to portray Biden-in-the-basement as a vote-getting miracle, and Trump as a heinous villain.

Terms like Hitler/Nazi/KKK sympathizer, Deluded, Dishonest, Xenophobic, Narcissistic. etc., were bandied about.

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In 2024, even after intensive DOJ lawfare, Trump did even better than in 2020

Joyful Harris, with a lot of help/hype from the Media and Celebrities, did better than Hillary in 2016.

However, she was still a far cry from the puffed-up numbers of Biden in 2020.

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Why did about 15 million 2020-Biden voters decide not vote for Harris in 2024?

These voters were enthusiastic about Biden in 2020, but did not bother to vote for Harris in 2024?

The more likely explanation is, 10 million Biden ballots were manufactured and injected into the counting process by the Democrat ballot-counting machine.

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Despite massive mudslinging by domestic and foreign Media, and US DOJ lawfare, Trump won by a landslide in 2024.

The American people finally took revenge for the insults of the past 4 years

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https://www.windtaskforce.org/profiles/blogs/a-program-for-a-greate...

https://en.wikipedia.org/wiki/2024_United_States_presidential_election

https://x.com/NEWSMAX/status/1854563321447354404

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Year	2004	2008	2012	2016	2020	2024
Dem	59,028,444	69,498,516	65,915,795	65,853,514	81,283,501	73,688,756
Rep	62,040,610	59,948,323	60,933,504	62,984,828	74,223,975	76,398,185
Total	121,069,054	129,446,839	126,849,299	128,838,342	155,507,476	150,086,941

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Whittling Away at Trump’s Margin

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	Harris	Trump	Total	Harris	Trump	Trump margin
5-Nov	68,092,002	72,747,033	140,839,035	Added/d	Added/d	4,655,031
6-Nov	69,076,028	73,407,934	142,483,962	984,026	660,901	4,331,906
7-Nov	69,787,851	74,263,826	144,051,677	711,823	855,892	4,475,975
8-Nov	70,422,511	74,347,879	144,770,390	634,660	84,053	3,925,368
9-Nov	70,916,946	74,650,754	145,567,700	494,435	302,875	3,733,808
10-Nov	70,979,779	74,708,357	145,688,136	62,833	57,603	3,728,578
11-Nov	71,260,726	74,848,942	146,109,668	280,947	140,585	3,588,216
12-Nov	71,923,471	75,169,068	147,092,539	662,745	320,126	3,245,597
13-Nov	72,461,643	75,603,104	148,064,747	538,172	434,036	3,141,461
15-Nov	73,235,635	76,128,339	149,363,974	773,992	525,235	2,892,704
16-Nov	73,688,756	76,398,185	150,086,941	453,121	269,846	2,709,429
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Each day, Harris is credited with more additional ballots than Trump

The longer counting goes on, the smaller the Trump margin; erasing Trump margin after polls closed!!

How can Harris, the loser, get more ballets added each day after the polls closed?

Those winning ballots likely are inserted by hook and crock, while no one is looking!

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Trump was ahead on the ballot count by 4.655 million on Nov 5, but now is ahead by 2.709 million, because the corrupt Democrat counting machines are crediting Harris, the loser, with more ballots than Trump, the winner.

Democrat ballot counting machines will “find” them, “cure” them, as usual, and then count them.

Data from above Wikipedia URL

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The machines will count, count, count, until Harris is ahead, while no one is looking.
The machines will count, count, count, until Senator Casey is re- elected in PA.
Whittle, whittle, whittle, to obstruct, obstruct, obstruct legislative agendas.

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Harris, a lousy campaigner, did not "benefit enough" from the Democrat counting machines in 2024, because:

 

No pandemic lockdown

Thousands of Republican lawyers, etc., watching for ballot fraud

The race was not even close, thus large-scale cheating would have been too obvious

World salad, joyful Harris for President…REALLY?

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