Hertz Falls on Mounting Losses From Failed Bet on Tesla EVs

Bloomberg11-12

(Bloomberg) -- Hertz Global Holdings Inc. tumbled after the company reported a worse-than-expected loss stemming from the rental-car company’s effort to unwind a failed bet on electric vehicles that ...

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Hertz took a $1 billion non-cash impairment charge during the quarter, largely due to the decline in fleet residual values over the last year, the company said in a statement on Tuesday. The company attributed the charge to a push to sell cars in its fleet that have lost value, including Tesla Inc. EVs.The results mark Hertz’s fourth-straight quarterly loss, highlighting the toll of the company’s failed strategy to electrify its fleet with EVs from Tesla. New Chief Executive Officer Gil West has been working to fix the damage by selling tens of thousands of those cars while overhauling the company’s management team an","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","BK4550":"红杉资本持仓","LU1548497426.USD":"安联环球人工智能AT Acc","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU1861558580.USD":"日兴方舟颠覆性创新基金B","BK4574":"无人驾驶","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","BK4551":"寇图资本持仓","BK4022":"陆运","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","BK4581":"高盛持仓","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","TSLL":"Direxion Daily TSLA Bull 2X Shares","BK4099":"汽车制造商","BK4548":"巴美列捷福持仓","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","HTZ":"赫兹租车","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","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","HTZWW":"HERTZ GLOBAL HOLDINGS, INC.","TSLA":"特斯拉","LU0082616367.USD":"摩根大通美国科技A（dist）","BK4516":"特朗普概念","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","BK4592":"伊斯兰概念","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","BK4585":"ETF&股票定投概念","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","BK4534":"瑞士信贷持仓","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","BK4533":"AQR资本管理(全球第二大对冲基金)","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU2063271972.USD":"富兰克林创新领域基金","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H"},"translate_title":"赫兹因押注特斯拉电动汽车失败而损失不断增加而下跌","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TSLL":1,"TSLA":1,"HTZWW":0.9,"HTZ":0.9},"content_text":"(Bloomberg) -- Hertz Global Holdings Inc. tumbled after the company reported a worse-than-expected loss stemming from the rental-car company’s effort to unwind a failed bet on electric vehicles that has pummeled earnings for most of the past year.\nThe company posted an adjusted loss of 68 cents a share in the third quarter, more than the 46-cent average deficit estimated by analysts. Hertz took a $1 billion non-cash impairment charge during the quarter, largely due to the decline in fleet residual values over the last year, the company said in a statement on Tuesday. The company attributed the charge to a push to sell cars in its fleet that have lost value, including Tesla Inc. EVs. \nHertz shares fell as much as 12% as of 9:43 a.m. in New York on Tuesday, the most intraday since June 6. The stock had declined 68% this year through Monday’s close. \nThe results mark Hertz’s fourth-straight quarterly loss, highlighting the toll of the company’s failed strategy to electrify its fleet with EVs from Tesla. New Chief Executive Officer Gil West has been working to fix the damage by selling tens of thousands of those cars while overhauling the company’s management team and making other improvements to operations.\nThe electric vehicle push tipped the company into crisis starting in the second half of 2023, when Tesla EV prices plummeted and left the company with cars worth far less than it could fetch in the resale market. Repair costs were also higher than expected and customers leased them at lower rates compared to conventional vehicles.\nHertz has said it plans to sell 30,000 EVs by the end of this year and get to a number that its customers wanted to rent. The company on Tuesday said it’s on pace to finish its broader fleet changeover effort by the end of 2025.\nWest said on a call with analysts that vehicle pricing levels have normalized, which will enable Hertz to lower depreciation costs to about $300 a car per month in future quarters. Monthly vehicle depreciation will likely be $350 to $375 in the fourth quarter and decline after that.\nHertz’s business was slightly weaker in the quarter. Revenue fell 5% to $2.6 billion in the quarter and revenue per unit per month fell 3% to $1,567. Meanwhile depreciation jumped 89% to $537 a vehicle per month.\n(Updates with opening shares, depreciation outlook from the third paragraph.)\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"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":"4.29.2","shortVersion":"4.29.2","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/2482089228"}