Hertz is hurting. The company was expecting a challenging first quarter, but it got more than it bargained for: It reported a $392 million adjusted net loss on Thursday. Despite increases in rental car demand, Hertz said it’s been bruised by its fleet of electric vehicles—made up primarily of Teslas—that are unreliable and more costly than their gas-guzzling counterparts. The rental car company plans to dispose of an additional 10,000 EVs than initially planned—intending to sell 30,000 total in 2024. It incurred a$195 million chargebecause of the depreciation of its EVs, a hit made more acute byTeslaslashing its prices. Hertz said its vehicles had monthly depreciation costs of $592 per car,considered high in the industry. Valued at $1.43 billion, Hertz has nearly halved its market capitalization from six months ago. The stock is down more than 40% this year, currently trading at $4.68.
