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In 2021, car rental giant Hertz made headlines with its bold move to purchase 30,000 Tesla vehicles. This decision came at a time when Tesla’s stock was soaring, and electric vehicles (EVs) were hailed as the future of transportation. Fast forward to today, and the situation has taken a dramatic turn for the worse. Hertz’s ambitious investment has turned into a financial disaster, with the company struggling to offload its high-mileage, problem-ridden Teslas.

De dure fout

Hertz’s purchase was initially seen as a stroke of genius, a move that aligned the company with the burgeoning EV market. However, reality hit hard when it became apparent that these vehicles were not as cheap to maintain as originally thought. According to New York Magazine, Hertz has only managed to sell 10,000 of the 30,000 Teslas it acquired, leaving a substantial number of high-mileage cars that are proving difficult to sell. Prospective buyers are naar verluidt op hun hoede, en terecht.

A Buyer’s Regret

Take the case of Bijay Pandey, who bought a 2022 Tesla Model 3 from Hertz for $25,000. What seemed like a good deal at first quickly turned into a nightmare. After purchase, Pandey discovered a significant hole in the bottom of the vehicle, which was causing damage to the battery. The repair bill? A staggering $13,000, not covered under warranty.

Na zijn aankoop zei Pandey tegen het tijdschrift: "Ik realiseerde me waarom ze van die Tesla's af wilden. Als er iets met een Tesla gebeurt, dan is de rekening te hoog."

Financiële vrije val

Hertz’s troubles didn’t start with the Tesla aankoop. Het bedrijf was net uit een door een pandemie veroorzaakt faillissement gekomen, gesteund door investeerders en een meme-aandeel geworden. Maar de hoop was van korte duur. Sinds de overname van Tesla heeft Hertz miljarden dollars van haar waarde zien verdwijnen en CEO Stephen Sherr is teruggetreden te midden van de onrust.

Tesla’s Own Troubles

Tesla, too, is facing challenges. The company reported a significant drop in sales earlier this year, driven by increasing competition, slowing demand for EVs, and disillusionment with its CEO, Elon Musk. This makes selling brand-new Teslas difficult, let alone high-mileage ones that have been heavily used as rentals.

Marktreactie

Hertz’s attempt to sell its used Teslas has not been well received. On Reddit, users were quick to advise against purchasing these vehicles. One user commented, “Yeah my advice is don’t buy a used rental car from Hertz.” Another noted, “The mileage is too high for the prices they are charging. Especially for rentals. You know everyone who rented an EV is gunning it any chance they got.”

Despite the backlash, Hertz’s new CEO, Gil West, remains optimistic. He believes the company can sell the remaining 20,000 EVs by the end of the year, as reported by New York Magazine.

EVXL’s Take

Hertz’s misadventure with Tesla serves as a cautionary tale about the complexities of the EV market. While the promise of electric vehicles includes lower maintenance costs and environmental benefits, the reality can sometimes be different. However, this should not overshadow the potential of EVs to transform transportation. As technology improves and the market matures, EVs will likely become more reliable and cost-effective. This situation highlights the importance of thorough research and cautious investment, particularly in emerging technologies. For the EV industry, it’s a learning curve that ultimately paves the way for a more sustainable future.