Automobile rental giant Hertz is selling off 20,000 electric vehicles including Teslas from its domestic fleet and will instead invest in the traditional gasoline-powered models that have been targeted for elimination by the powerful climate change cult and left-wing politicians.
In news that broke on Thursday, the company said that it will be dumping the EVs, about a third of its fleet, in a move that deals yet another blow to the ambitious Green New Deal agenda that has been championed by President Joe Biden and his fellow Democrats.
“[C]ollision and damage repairs on an EV can often run about twice that associated with a comparable combustion engine vehicle,” the CEO said in a recent analyst call, according to CNN Business.
Hertz CEO Stephen Scherr explained the company’s decision to CNBC’s Jim Cramer.
(Video: YouTube/CNBC)
“We took a bold move and are making a strategic adjustment to our fleet to take 20,000 electric vehicles out of the fleet,” he said. “It’s really to respond to the reality which is we’re trying to bring supply in line with demand, and we’re addressing a cost issue that happens to be related to the EVs in the context of damage and damage cost. That’s what it is.”
“But in the end this is about the numbers, it’s about the financial performance,” Scherr added.
“The Company expects to reinvest a portion of the proceeds from the sale of EVs into the purchase of internal combustion engine (“ICE”) vehicles to meet customer demand,” the company said in a Thursday SEC filing. “The Company expects this action to better balance supply against expected demand of EVs. This will position the Company to eliminate a disproportionate number of lower margin rentals and reduce damage expense associated with EVs.”
“Throughout our 105-year history, Hertz has moved people and things,” the company says in a statement on its website. “Now, within a changing mobility landscape, we are building a more diversified fleet for our customers, including electric vehicles. EVs offer our customers a premium driving experience, attractive economics in the form of lower energy prices and the opportunity to reduce carbon emissions.”
Last year the company touted a White House fact sheet praising Hertz for its role in “accelerating the EV transition.”
“This morning, @Hertz was recognized by The White House for our efforts to expand access to electric vehicles across the country. Demand for EV rentals is growing and we’re here to help our customers electrify their travels,” the company wrote on X.
This morning, @Hertz was recognized by The White House for our efforts to expand access to electric vehicles across the country. Demand for EV rentals is growing and we’re here to help our customers electrify their travels. #HertzLetsGo #HertzEV https://t.co/rLJa0lmHG8
— Hertz (@Hertz) March 30, 2023
“Hertz is committing to substantially increase its electric vehicle rentals this year forecasting nearly two million EV rentals in 2023, approximately five times the number of EV rentals in 2022, and extending the electric vehicle experience to leisure and business travelers and rideshare drivers across the country,” the White House fact sheet read.
“In response to Hertz’s announcement Thursday, a White House official told FOX Business the company’s actions wouldn’t impact Biden’s EV goals. The official added that, conversely, the move would increase the number of used EVs on the market which are eligible for a $4,000 tax credit under the Inflation Reduction Act,” Fox Business reported.
- ‘Legitimately filth’: Variety lambasted for politicizing the death of legendary actor Chuck Norris - March 21, 2026
- Frustrations boil over after 16 senators fail to ‘show up’ during DHS funding vote - March 21, 2026
- Ilhan Omar’s daughter makes pilgrimage to Cuba to celebrate Muslim holiday of Eid - March 21, 2026
Comment
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the ∨ icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.