Hertz loses another $200 million from its EVs

Yahoo Finance04-26

Car rental operator Hertz (HTZ) reported it lost another $200 million due to its EV gamble. In its first quarter earnings report, Hertz said it “upsized” its prior EV fleet drawdown plans by an ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2430232904?lang=en_US&edition=fundamental","thumbnail":"https://s.yimg.com/uu/api/res/1.2/qrHDCrCG8eWDgPy1C5xUUA--~B/aD00MDY3O3c9NjEwMDthcHBpZD15dGFjaHlvbg--/https://s.yimg.com/os/creatr-uploaded-images/2024-04/305eedf0-031c-11ef-afb4-8669be6f5d22","is_english":true,"pubTime":"2024-04-26 01:27","share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","id":"2430232904","market":"us","top_or_hot":-1,"title":"Hertz loses another $200 million from its EVs","media":"Yahoo Finance","content":"<div>\n<p>Car rental operator Hertz (HTZ) reported it lost another $200 million due to its EV gamble.\nIn its first quarter earnings report, Hertz said it “upsized” its prior EV fleet drawdown plans by an ...</p>\n\n<a href=\"https://finance.yahoo.com/news/hertz-loses-another-200-million-from-its-evs-172735716.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hertz loses another $200 million from its EVs</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHertz loses another $200 million from its EVs\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-26 01:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/hertz-loses-another-200-million-from-its-evs-172735716.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Car rental operator Hertz (HTZ) reported it lost another $200 million due to its EV gamble.\nIn its first quarter earnings report, Hertz said it “upsized” its prior EV fleet drawdown plans by an ...</p>\n\n<a href=\"https://finance.yahoo.com/news/hertz-loses-another-200-million-from-its-evs-172735716.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0053666078.USD","symbol_name":"摩根大通基金-美国股票A（离岸）美元","start_time":0,"source_url":"https://finance.yahoo.com/news/hertz-loses-another-200-million-from-its-evs-172735716.html","article_id":"2430232904","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/qrHDCrCG8eWDgPy1C5xUUA--~B/aD00MDY3O3c9NjEwMDthcHBpZD15dGFjaHlvbg--/https://s.yimg.com/os/creatr-uploaded-images/2024-04/305eedf0-031c-11ef-afb4-8669be6f5d22"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2430232904","pubTimestamp":1714066055,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Car rental operator Hertz  reported it lost another $200 million due to its EV gamble.In its first quarter earnings report, Hertz said it “upsized” its prior EV fleet drawdown plans by an additional 10,000 EVs, which led to the company incurring a $195 million charge to vehicle depreciation for writing down the value of EVs held for sale.Hertz’s depreciation per unit  soared to $592 in the first quarter, jumping from the $498 it saw last quarter and more than double the $253 it reported in Q1 last year. Hertz blamed the deterioration in DPU on losses from the sales of gas-powered vehicles as well as on losses from the market value of EVs in its fleet and from the disposition of other EVs.While Hertz is paring back its EV offerings in its fleet, EV sales are still growing at the retail level, although at a slower pace. GM CFO Paul Jacobson said as much this week following the automaker's earning","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","BK4592":"伊斯兰概念","LU0082616367.USD":"摩根大通美国科技A（dist）","LU0056508442.USD":"贝莱德世界科技基金A2","VLVLY":"Volvo AB","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","PSNY":"极星汽车","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4534":"瑞士信贷持仓","LU0823411888.USD":"法巴消费创新基金 Cap","BK4533":"AQR资本管理(全球第二大对冲基金)","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","BK4555":"新能源车","LU2063271972.USD":"富兰克林创新领域基金","PSNYW":"Polestar Automotive Warrant","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","LU0823414478.USD":"法巴经典能源转换基金","BK4527":"明星科技股","BK4559":"巴菲特持仓","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","BK4588":"碎股","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","HTZWW":"HERTZ GLOBAL HOLDINGS, INC.","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","BK4574":"无人驾驶","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","BK4230":"旅客陆运","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","BK4581":"高盛持仓","TSLA":"特斯拉","HTZ":"赫兹租车","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","GM":"通用汽车","BK4511":"特斯拉概念","BK4548":"巴美列捷福持仓","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD"},"translate_title":"赫兹的电动汽车又损失了2亿美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"VLVLY":1,"HTZ":1,"GM":1,"PSNY":1,"HTZWW":0.9,"PSNYW":0.9,"TSLA":0.9},"content_text":"Car rental operator Hertz (HTZ) reported it lost another $200 million due to its EV gamble.\nIn its first quarter earnings report, Hertz said it “upsized” its prior EV fleet drawdown plans by an additional 10,000 EVs, which led to the company incurring a $195 million charge to vehicle depreciation for writing down the value of EVs held for sale.\nThe company previously said it would sell off 20,000 EVs from its fleet, meaning it will now dispose of 30,000 EVs in its fleet through the end of 2024. Add today’s charge to the $245 million write-down taken in Q4, and the company has now lost $440 million on its EV gambit.\nHertz’s EV fleet — which once stood at 60,000 EVs, will be cut down to half that at 30,000 EVs. A third of Hertz’s EV fleet was from Tesla (TSLA), with the rest coming from Polestar (PSNY), Volvo (VLVLY), and Chevrolet (GM).\nFor the quarter, Hertz reported an adjusted loss of $1.28 a share, wider than the $0.44 loss analysts were expecting. Hertz reported an adjusted net income loss of $392 million, more than double the $147 million loss expected.\nHertz stock was down 20% in midday trading.\nHertz’s depreciation per unit (DPU) soared to $592 in the first quarter, jumping from the $498 it saw last quarter and more than double the $253 it reported in Q1 last year. Hertz blamed the deterioration in DPU on losses from the sales of gas-powered vehicles as well as on losses from the market value of EVs in its fleet and from the disposition of other EVs.\nThere weren’t just financial costs to Hertz’s EV bet. Last month, Hertz’s then-CEO Stephen Scherr, who spearheaded the plan to go all in on EVs, was replaced by Gil West, former COO of GM’s Cruise autonomous unit and, prior to that, COO of Delta Air Lines.\n\"Fleet and direct operating costs weighed on this quarter's performance,\" Hertz CEO Gil West said in a statement. \"We're tackling both issues — getting to the right supply of vehicles at an acceptable capital cost while at the same time driving productivity up and operating costs down.\"\n\n\n\n  Behind the scenes at the Hertz \"Plugged In\" commercial showcasing seven-time Super Bowl champion Tom Brady recharging at Hertz. (Eric R. Davidson/Getty Images for HERTZ)\n \n\n  Eric R. Davidson via Getty Images\n \n\nHertz was an early adopter of EVs, announcing in 2021 that it would buy 100,000 Teslas in a marketing campaign starring former NFL quarterback Tom Brady. At the time, Hertz, which was only a few months out of bankruptcy, saw its stock jump 10%, with Tesla shares jumping in sympathy. Tesla went on to top $1 trillion in market capitalization for the first time.\nHertz also struck a deal with Polestar in February 2022 to buy 65,000 of its EVs, though Hertz informed Polestar in February 2023 that it would be pausing future purchases of its EVs.\nWhile Hertz is paring back its EV offerings in its fleet, EV sales are still growing at the retail level, although at a slower pace. GM CFO Paul Jacobson said as much this week following the automaker's earnings report, claiming that EVs were still popular among its retail customers, but fleet operators, such as large corporations, government entities, and car rental chains, are cutting back purchases. \n\"We’ve obviously seen a lot of softness in fleet, particularly on the rental side for EVs, but we see [retail] customers responding,\" Jacobson said.\nPras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.\nFor the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here\nRead the latest financial and business news from Yahoo Finance","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2430232904"}